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Fickle Bitcoin Market Surges From Fear To Greed In A Flash

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The Bitcoin fear and greed index has started to quickly change to extreme greed as the crypto continues to rally up.

Bitcoin Fear And Greed Needle Starts Pointing At Extreme Greed

As per the latest weekly report from Arcane Research, the fear and greed index quickly turned to extreme greed values last week.

The “fear and greed index” is a Bitcoin indicator that shows the general crypto market sentiment at the time. The metric uses a numerical scale of one to hundred for displaying the different sentiments.

Values close to zero fall under the “extreme fear” category while values at the other end imply “extreme greed.” When the indicator shows neither too large, nor too low values, the sentiment falls under either “fear” or “greed” depending on which side around 50 the value is.

Now, here is a chart that shows how the indicator’s value has changed over the years for Bitcoin:

Bitcoin Fear And Greed

Looks like the crypto market has quickly turned greedy | Source: The Arcane Research Weekly Update - Week 40

As the above graph shows, the sentiment had turned greedy last week after a fearful September, and the values are now entering into the extreme greed category.

While the month of September had some moves up, it also had several price crashes, and that’s why the sentiment was that of fear for the most part.

Related Reading | TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

The indicator dipped all the way down to extreme fear on 30th September, but in under two weeks the sentiment has already rebounded back to extreme greed. The report notes that this shows how fast the sentiment can change among the crypto market.

Right now, BTC is showing some strong momentum upwards as the coin broke $58k for the first time since May today. An on-chain indicator shows that both the long-term holders and the short-term holders are in profit right now so it’s not a surprise that the market has started turning greedy.

Related Reading | Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst

BTC Price

At the time of writing, Bitcoin’s price floats around $57.2k, up 6% in the last seven days. Over the last month, the crypto has gained 22% in value.

The below chart shows the trend in the price of the coin over the last five days:

Bitcoin Price Chart

Bitcoin's price shows a lot of volatility while keeping up an overall upwards trend | Source: BTCUSD on TradingView

Usually, when the crypto market sentiment reaches the extreme greed territory, the market observes a correction at least in the short term. The BTC price did have a minor dip yesterday and the fear and greed values have left the extreme greed territory today as the indicator now points at greed.

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-market-surges-fear-greed/

Blockchain

MATIC Price Analysis: Weekly and 4 Hr Chart Analyses Reveals Buy Signal for Polygon

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Polygon recently set a new record for highest bounty paid in DeFi. The team at Polygon paid a two million US dollar worth of bounty to Gerhard Wagner, a white hat hacker who discovered a crucial vulnerability that had put around 850 million US dollars’ worth of capital at risk.

So what type of vulnerability could this be? Well, it’s a double-spend bug, a type of bug that could have tuned catastrophic for the Polygon ecosystem.

Bullish/Bearish Scenario

  • The bear-trap candlestick formation on the weekly time frame, alongside the buildup of bullish divergence on the 4HR time frame, shows that the bulls are back in control.
  • A breakdown of the 1.152 support implies a bearish takeover.

Important Weekly Polygon (MATIC) Announcements

  • Immunefi, a bug bounty, and security platform acknowledged that the bounty is the highest that has been paid in decentralized finance [DeFi].
  • Another exciting announcement in the Polygon ecosystem is the PECO-Polygon Ecosystem Index, which makes it possible for participants to bet on the performance of Polygon [MATIC] projects. The PECO Index is a single token that captures the best native projects on @xPolygon.

Without any further delay, Let’s analyze the MATICUSDT price chart.

Polygon (MATIC) Price Analysis:  MATICUSDT Weekly Chart 

Following the path of most top altcoins in the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation while trading within a rising and expanding wedge.

Although the crypto pair still trades below its all-time high, higher RSI readings above level-25 tell us that we are still in an uptrend and we may soon see a surge in demand for the MATIC token.

Polygon (MATIC) Price Analysis:  MATICUSDT Daily Chart 

A recent regular bearish divergence on the daily chart above shows that we may soon see a slowing and possible correction of current gains.

Failure of RSI values to breach below level-25 would suggest a continuation of the current uptrend.

Polygon (MATIC) Price Analysis:  MATICUSDT 4 Hr Chart 

As the RSI prints higher values above level-25 on the daily time frame, the 4HR time frame confirms entry into the uptrend with an exit of the oversold area [level-25] with the recent entry of oversold at press time.

Regular and hidden bullish divergence setups are instrumental for the previous trend reversal and current trend continuation we see on the above intraday chart.

An impending hidden bullish divergence at press time may be sufficient for the bulls to find a price floor above the 1.491 support and restore the MATIC price into new highs.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/polygon-matic-price-analysis-intraday-hidden-bullish-divergence-signals-trend-continuation-for-maticusdt/

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Blockchain

Harmony’s ONE Token Targets $1 After Breaking All-Time High

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/harmonys-one-token-targets-1-after-breaking-all-time-high/?utm_source=main_feed&utm_medium=rss

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Blockchain

NEAR Announces $800M in Development Grants

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

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Source: https://cryptobriefing.com/near-announces-800m-in-development-grants/?utm_source=main_feed&utm_medium=rss

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