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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

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  • Blockchain
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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What is Cloud Mining? A Beginner’s Guide

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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  • Analysis
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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Altcoins

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

May 16, 2024
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Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns
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On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC.

Bitcoin NVT Golden Cross Is Still Near Historical Top Zone

In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

The NVT ratio is an indicator that tells us about how the Bitcoin market cap compares against its transaction volume. The metric is generally used to judge whether the asset’s price is fair or not right now.

Related Reading

When the indicator’s value is high, it suggests the network’s value (that is, the market cap) is high compared to its ability to transact coins (the volume). Such a trend implies that the asset may be overpriced currently.

On the other hand, the low metric means the cryptocurrency’s price may be undervalued due to a rebound as the market cap is low compared to the volume.

In the context of the current topic, the NVT ratio itself isn’t of interest; rather, it is a modified form called the NVT Golden Cross. This metric compares the short-term trend (the 10-day moving average) with the long-term trend (30-day MA) of the NVT ratio to identify tops and bottoms.

Here is a chart that shows the trend in this Bitcoin indicator over the past couple of years:

Bitcoin NVT Golden Cross
The value of the metric seems to have been relatively high in recent weeks | Source: CryptoQuant

In the graph, the quant has highlighted the two relevant zones for the Bitcoin NVT Golden Cross. It would appear that when this metric is above 2.2, a top can be probable for the cryptocurrency as its price is overvalued in this zone. Similarly, the NVT Golden Cross being under -1.6 can lead to a bottom formation for the asset.

See also  XRP Near 12% Rally Strengthens Case For $0.55 Breakout

The Bitcoin NVT Golden Cross has ventured into the red territory for the last couple of months. Each time it has seen a decline out of the zone, it has followed up with another rise into the zone. As such, it hasn’t been able to visit the bullish region yet.

At present, the metric has just made another exit out of the top zone, but its value is still quite near it. Thus, while a top may not be especially probable now, a lasting uptrend is also unlikely to happen.

Related Reading

It’s possible that Bitcoin won’t be completely out of danger of observing more price drawdowns until the NVT Golden Cross can see a decrease in the green zone.

It now remains to be seen how the indicator develops in the near future and whether its changes will affect the BTC price.

BTC Price

At the time of writing, Bitcoin is floating around the $64,900 mark, up more than 4% over the past week.

Bitcoin Price Chart
It looks like the price of the asset has enjoyed a surge over the last 24 hours | Source: BTCUSD on TradingView

Featured image from Bastian Riccardi on Unsplash.com, CryptoQuant.com, chart from TradingView.com

READ ALSO

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On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC.

Bitcoin NVT Golden Cross Is Still Near Historical Top Zone

In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

See also  Canaan Expands North American Bitcoin Mining Operations, Secures Order From Hive

The NVT ratio is an indicator that tells us about how the Bitcoin market cap compares against its transaction volume. The metric is generally used to judge whether the asset’s price is fair or not right now.

Related Reading

When the indicator’s value is high, it suggests the network’s value (that is, the market cap) is high compared to its ability to transact coins (the volume). Such a trend implies that the asset may be overpriced currently.

On the other hand, the low metric means the cryptocurrency’s price may be undervalued due to a rebound as the market cap is low compared to the volume.

In the context of the current topic, the NVT ratio itself isn’t of interest; rather, it is a modified form called the NVT Golden Cross. This metric compares the short-term trend (the 10-day moving average) with the long-term trend (30-day MA) of the NVT ratio to identify tops and bottoms.

Here is a chart that shows the trend in this Bitcoin indicator over the past couple of years:

Bitcoin NVT Golden Cross
The value of the metric seems to have been relatively high in recent weeks | Source: CryptoQuant

In the graph, the quant has highlighted the two relevant zones for the Bitcoin NVT Golden Cross. It would appear that when this metric is above 2.2, a top can be probable for the cryptocurrency as its price is overvalued in this zone. Similarly, the NVT Golden Cross being under -1.6 can lead to a bottom formation for the asset.

The Bitcoin NVT Golden Cross has ventured into the red territory for the last couple of months. Each time it has seen a decline out of the zone, it has followed up with another rise into the zone. As such, it hasn’t been able to visit the bullish region yet.

See also  Uniswap: Should UNI holders prepare for a price slump?

At present, the metric has just made another exit out of the top zone, but its value is still quite near it. Thus, while a top may not be especially probable now, a lasting uptrend is also unlikely to happen.

Related Reading

It’s possible that Bitcoin won’t be completely out of danger of observing more price drawdowns until the NVT Golden Cross can see a decrease in the green zone.

It now remains to be seen how the indicator develops in the near future and whether its changes will affect the BTC price.

BTC Price

At the time of writing, Bitcoin is floating around the $64,900 mark, up more than 4% over the past week.

Bitcoin Price Chart
It looks like the price of the asset has enjoyed a surge over the last 24 hours | Source: BTCUSD on TradingView

Featured image from Bastian Riccardi on Unsplash.com, CryptoQuant.com, chart from TradingView.com

Tags: BitcoinCrossDangerGoldenNVTwarns

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