With the price charts of most altcoins flashing red candles on Monday, the global crypto-market cap tumbled below the $2 trillion-threshold. In fact, the same had fallen by more than 5% in just 24 hours, at the time of writing.
Right from Bitcoin and Litecoin to Cardano and Solana – almost the whole market was trading in the red, even on Tuesday.
However, the scars seemed to be quite deep for the altcoin leader – Ethereum. After shedding 5% of its value over the aforementioned period and 9% over the past week, ETH was trading at $3,078 at press time. In fact, during the early hours of Tuesday, the coin’s value had managed to fall as low as $2,807.
How concrete is the downtrend?
Before getting into the nuances of it, let’s first delve into some ‘financial astrology.’ Well, do not let that phrase bemuse you. To clarify before proceeding, financial astrology is nothing but mathematical psychology based on the science of astronomy. To be more clear, it gauges broader market sentiment.
The moon, quite literally, would guide us through the aforementioned process. Hang on to your hats – Lunar cycles, as such, might aid in predicting price movements.
Assets generally tend to perform better during a particular lunar phase and are more susceptible to downfalls during the other. And wait, before you laugh, you ought to know that Moon Phases are a tried-and-tested method that can be fairly relied upon, just like other metrics.
TradingView’s Moon Phases indicator[1] displays moon phases on the chart. A dark circle usually indicates a full moon while a bright circle represents a new moon. The bars between full and new moons are colored accordingly – either as growing or waning.
ETH/USDT || Source: TradingView
An interesting pattern can be observed
