In 2018, the cryptocurrency world experienced a crypto winter that saw the value of assets fall below 70-95% of their original value. This period lasted from January 2018 to December 2020. Currently, the crypto market is experiencing another chilly winter with its devastating effects felt on the top market player – Bitcoin. Despite the adoption and market dominance enjoyed by BTC: it still felt the crippling power of the bearish market cycle. Various predictions and speculations by experts relying on past market cycles are all over the place. Related Reading: AVAX Sheds 50% Over The Last 60 Days – More Losses Ahead? With the last crypto winter lasting almost three years: investors and traders are puzzled about the length of this current bearish market trend. The crypto world is affected by the devastating effects of global players on the political scene. The Russia – Ukraine conflict has increased the pressure on cryptocurrency globally. Igor Zakharov, CEO of DBX digital ecosystem: notes that high inflation has spiked interest rates in the United States. The U.S is the biggest promoter of crypto and a dominant force. Shift Of BTC Holdings By Whales And Big players Data obtained from Coinbase Pro shows that the big institutional players have transferred large amounts of their BTC holdings. The BTC volume pegged at 48,000 BTC is worth roughly $940 million. These bitcoin assets; were removed from long-term holding positions with a time frame of three to five years. Surprisingly, the smaller and medium addresses have increased their BTC holdings: according to Santiment. From recent data, BTC addresses with holdings in the range of 0.1 to 10 BTC now hold a record-breaking 15.9% of BTC’s total circulating supply. BTC price has been in constant flux. With its recent price struggles around the $20,000 range noted. It has left experts puzzled about the actual length of the crypto winter. Light At The End For Crypto But amid the uncertainty, Rayne Steinberg, CEO of digital assets investment firm Arca, is quite optimistic. He expressed his thoughts that the market is generally closer to the end of this dark period. However, he pointed out that macroeconomic factors made it difficult to go into specifics. With macroeconomic factors like inflation taking center stage worldwide, Steinberg opted to water down false hopes but encouraged optimism. Due to Bitcoin’s current connection with S&P 500, BTC price has taken a beating since the general market drawdown. This bitcoin sync with the equity market might favor the bears. Related Reading: Uniswap Coin’s Bullish Trajectory Sets UNI To Breach $7 Level – Time To Buy? Some experts’ predictions had the price of bitcoin nosediving by as much as 20% as its relationship with the S&P 500 continues. Relatively other altcoins are also experiencing the chilling effects of the dip. Uncertainty has now taken root in the crypto world. Forecasts and past price data are speculative as the big players gear up to weather the storm. Featured Image From Pixabay, Charts From Tradingview

MATIC’s price remains strong despite price facing rejection from a high of $0.8 as the price holds above the key support area.  MATIC breaks out of a descending triangle as the price looks strong despite Bitcoin (BTC) dragging market prices down.  The price of MATIC trades above key support of $0.77 as the price continues to trade above 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe.  Polygon (MATIC) price has held strong above the key support area after breaking out of its descending triangle and assuming a bullish price movement against tether (USDT) as BTC price remains in its range, dragging most crypto assets down. The crypto market has not had the Uptober that many expected, as the market has continued to range despite showing some great signs of rallying in the early part of the month. Except for a few exceptional coins, such as Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH), and other crypto assets have remained dormant. (Data from Binance) Related Reading: Tron Development Activity Grows In The Last 7 Days – Except TRX Price Polygon (MATIC) Price Analysis On The Weekly Chart Most projects have fared poorly in the bear market, with many experiencing more than 50% price declines, discouraging most traders and investors from stockpiling these assets. With Bitcoin’s dominance (BTC.D) rising and the price of BTC moving in a range, this has affected most crypto projects, including the price of MATIC, as the price has shown less aggression after breaking out from its descending triangle. With BTC.D trying to resume its rally above the 43% mark, this would mean altcoins will be hurt when BTC declines in price and prevent other coins like MATIC from rallying.  After rallying to $1, the price of MATIC faced resistance to trend higher to $1.5 as the price struggled to break above the resistance at $1 despite rallying from a weekly low of $0.3. The price of MATIC retraced to a region of $0.77, where the price formed strong support to rally to a high of $1 as bulls still take control of the price; if the price of MATIC holds above 0.77 support, we could see more rallies from MATIC. Weekly resistance for the price of MATIC – $1. Weekly support for the price of MATIC – $0.77. Price Analysis Of MATIC On The Daily (1D) Chart The daily timeframe for the price of MATIC has shown resilience as the price continues to hold and maintain bullish strength after a successful breakout from a descending triangle.  MATIC’s price failed to break above $1, but it has shown strength, holding above its key support as this would be the basis for more rallies.  If MATIC’s price breaks below $0.77, we could see bears taking over the price of MATIC. Daily resistance for the MATIC price – $1. Daily support for the MATIC price – $0.77-$0.7. Related Reading: Why The Bitcoin Price May Be Ready To Return To $20,000 Featured Image From CPO Magazine, Charts From Tradingview

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