Total Crypto Market Cap can go low as 30% to 80% to the downside
In this chart,
We have identified the nearest demand to be at $569B.
We are also approaching a key level where we previously broke through it and we haven't tested it yet at $692B where we might potentially see some buying pressure as well.
But, ideally, price tends to get to supply/demand zones.
In this case, we are nearing a demand zone at $569B which would be a 30% drop from the current price as of this writing.
While a potential drop up to 80% is also possible since it is one of the strong support level where we were able to hold that price at around $140B.
I am expecting more bearishness going to 2023.
Happy New Year 2023 everyone!
We have identified the nearest demand to be at $569B.
We are also approaching a key level where we previously broke through it and we haven't tested it yet at $692B where we might potentially see some buying pressure as well.
But, ideally, price tends to get to supply/demand zones.
In this case, we are nearing a demand zone at $569B which would be a 30% drop from the current price as of this writing.
While a potential drop up to 80% is also possible since it is one of the strong support level where we were able to hold that price at around $140B.
I am expecting more bearishness going to 2023.
Happy New Year 2023 everyone!