Crypto’s Silver Lining: Market Dips Are Stepping Stones To Soaring Heights – Analyst

Samuel Edyme

1 year ago

3 mins read

Crypto’s Silver Lining- Market Dips Are Stepping Stones To Soaring Heights

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Crypto Rand, a renowned crypto trader, has shared insights on the current market corrections, emphasizing the necessity of these corrections for sustainable market ‘growth.’

The trader, who disseminates his views on X, stresses that despite the evident pullbacks, the crypto market’s macrostructure remains “intact.”

This perspective comes at a time when most crypto assets, including Bitcoin, have experienced significant price drops over the past couple of days.

Navigating Resistance Levels: The Path To Growth

Crypto Rand’s leveraged the price action index of various cryptocurrencies, such as Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), and MultiversX (EGLD), among others to highlight his point.

Rand identifies multiple resistance levels in these assets’ trajectories, suggesting these as potential points for market turnaround. These resistance levels are categorized as major or minor, depending on the frequency and intensity of price actions historically observed at these points.

Despite the temporary pullbacks that these resistance levels might introduce, Crypto Rand views them as necessary pauses that allow the market to gather strength for future upward movements.

This perspective is particularly relevant in light of Bitcoin’s recent price behavior. The flagship cryptocurrency has seen a notable dip from its recent high of $44,000, currently trading just below $42,000.

Bitcoin (BTC) price chart on TradingView amid crypto market news — Bitcoin (BTC) price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

This downward trend has echoed across the crypto market, impacting other major assets like Ethereum including altcoins Rand mentioned like Chainlink, and Algorand.

Over the past 7 days, BTC and ETH have experienced declines of 4.4% and 2%, respectively. Meanwhile, Chainlink has seen a 6.9% drop during the same period, and Algorand has fallen by 4.1% in just the past 24 hours.

Always be ready for more shakeouts, but remember, these corrections are needed for healthy growth.

The Mid Caps for example got rejected on the main resistance, but overall macrostructure remains in tact.

⚡️ INDEXED: $ATOM, $LINK, $NEAR, $ALGO, $EGLD and more. pic.twitter.com/YKUhwyRM9C

— Crypto Rand (@crypto_rand) December 13, 2023

The Broader Perspective On Crypto Market Corrections

The sentiment that market corrections are a healthy and necessary aspect of growth is not exclusive to Crypto Rand. William Clemente, the co-founder of Reflexivity Research, echoes this viewpoint.

Clemente posits that the current market retraction, which could potentially bring Bitcoin’s price closer to $40,000, should “not be a cause for alarm.”

Clemente argues that this process is crucial for eliminating weaker market participants and reducing excess leverage, ultimately establishing a firmer foundation for future upward trends.

Clemente further articulates that the inherent volatility of Bitcoin should be perceived as “a feature, not a bug”. It is worth noting that this stance reinforces the notion that the crypto market is still evolving and that such fluctuations are part and parcel of its journey towards maturity.

BTC just ~doubled in 2 months with no pull backs, a correction is not that surprising.

Corrections shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.

Bitcoin’s volatility is a feature, not a bug.

Chill with the leverage 🫡 https://t.co/BdvvS8KDZU

— Will (@WClementeIII) December 11, 2023

Featured image from iStock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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