See More

Bear Market FUD Could Signal More Blood for These Large Cap Cryptos

3 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Data from Santiments claims that the FUD surrounding BNB, DOGE, BTC, and LINK could propel a breakout from them.
  • Several analyst suggest that Bitcoin’s price might shoot above $20k if it beats the FUD.
  • BNB’s price against Bitcoin as touched a new all-time high.
  • promo

The crypto market is currently experiencing a downturn that has seen the value of crypto assets drop significantly, but some assets are experiencing a higher level of FUD compared to others.

Major caps are taking a beating in the recent market conditions, with a particular look at Bitcoin (BTC), Binance Coin (BNB), Chainlink (LINK), and Dogecoin (DOGE). These majors have experienced a high level of fear, uncertainty, and doubt (FUD) that could position them for breakouts, Santiment claims. The crypto market intelligence platform indicates that sentiment surrounding these large caps has experienced the most fear, uncertainty, and doubt within the market. Santiment explains the “Crowd has become extremely negative as top cap prices have failed to rebound.” The 2022 bear market has offered little respite to investors and holders, with Bitcoin dropping to new yearly lows as buyers begin to lose hope of a market recovery anytime soon.

Bear market wreaking havoc on prices

The ongoing bear market continues to play a huge part in price decreases across the industry. However, it seems that major caps are suffering the most as holders and community members begin to question if there is more blood in store for the market.

According to the Fear & Greed Index, the current market sentiment remains relatively unchanged compared to last month. The current sentiment sits at 24 out of 100, putting the current sentiment as “Extreme Fear.” The index has only hit a high of 60 in 2022. Compared to 2021, when it hit 95 in Feb, and 84 in Oct.

Source: Alternative.me

Binance Coin (BNB)

BNB is currently down 59% from its all-time high, but the asset is also one of the few major cap tokens with positive price performance in the last 24 hours. It is up 2.4% over this period.

Notably, the BNB/BTC pair is currently at an all-time high, meaning that BNB is trading at its highest price against BTC.

Dogecoin (DOGE)

DOGE is another token that might be set for a breakout. Following the Ethereum merge, the meme coin is the second largest PoW token and has recently seen increased interest from whales.

In the past week, it attracted six whales who bought 620 million DOGE. Over the past 24 hours, its price has increased by 7.8% against the dollar to trade at $0.0649. Against BTC, it is up 8.9%.

Dogecoin users may soon have access to Ethereum smart contracts as the bridge between the two networks is close to completion. Besides, Vitalik Buterin hopes that the leading meme token moves to the PoS consensus soon.

Chainlink (LINK)

LINK has also trended upward despite the significant bearish market. It is also up 7.9% in the past 24 hours and now trades at $7.6.

Since it dropped to $6.50, it has found support and has a bullish outlook with its V-shaped recovery. It’s now pushing to reach the $8.15 highs from where it lost support.

Source: IntoTheBlock

An analysis of its price suggests this is possible. IntoTheBlock’s IOMAP model Insights show that over 7,500 addresses bought 290 million tokens when trading between $6.63 and $6.83.

This group of investors would likely hold their positions with the hope that the price could go higher.

Bitcoin (BTC)

Meanwhile, Bitcoin is the only cryptocurrency out of the four that has had a negative price performance in the last 24 hours.

According to analysts, if Bitcoin’s price continues to decline, the next support zone might be in the $14,000 – $16,000 range.

However, if the asset is able to buck the trend and trade above the $20,000 range, it might meet resistance at the $20,300 – $20,600 level. After that, the next resistance is $22,800.

NUPL indicates market capitulation

Looking at the current Net Unrealized Profit/Loss (NUPL) statistics, it is evident that the current market climate is in a state of capitulation following a pro-longed bear market. NUPL represents on-chain data that shows if the market is in a state of profit or loss. This is calculated by dividing relative unrealized profits by relative unrealized losses. As long as the chart is under zero, the climate is currently in a state of capitulation. Currently, the NUPL is -10% at the time of writing.

Source: Lookintobitcoin

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Oluwapelumi-Adejumo.png
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
READ FULL BIO
Sponsored
Sponsored