Almost all asset classes have been destroyed thus far in 2022. Bonds and stock prices are decreasing quickly, while gold has decreased by about 10%. Only investments in cash equivalents have consistently generated income.
Cryptocurrencies have suffered more than anyone. In November 2021, the value of Bitcoin (BTC) was about $69,000; today, it is only worth roughly $20,700, a decline of about 70%.
Because Dogecoin (DOGE) has lost more than 70% of its value this year, the situation with cryptocurrencies is no better.
Can you invest in cryptocurrencies now?
Has Bitcoin’s (BTC) Week-Over-Week Gain Been Sufficient?
The price of Bitcoin (BTC) is presently slowly showing signals of a gain without going downhill after a sizable break. There may always be a price fall for Bitcoin (BTC). The top cryptocurrency maintains a fantastic weekly increase of close to 9%. Several on-chain indicators suggest a possible short-term drop. Some Bitcoin investors believe that this rebound marks the start of a bull run.
Bitcoin (BTC) exchanges saw a lot of liquidity at $21. This signals that the market is getting ready for a temporary bottom, followed by a price drop. Large investors may try to start short bets to profit from a price decline. Data from Crypto Quant shows that significant quantities of Bitcoin (BTC) are being transferred into exchanges quickly.
The optimum moment to declare Bitcoin (BTC) a reliable investment for 2023 is at a different time than the time of this study.
Although Dogecoin (DOGE) reaches new highs, a 60% decline will soon follow.
According to a well-known technical indication, the recent spike in Dogecoin’s (DOGE) price may be approaching its maximum level.
The relative strength index (RSI), a momentum indicator used to determine overbought or oversold levels, has risen to 93.69 on the daily Dogecoin (DOGE) chart. Since April 2021, when it surged to a new record high of $0.75, the DOGE price has yet to be this high.
Therefore, an abrupt swing to the negative may not always be predicted by the “overbought” conditions. They do, however, signify the market’s overzealous buying excitement, which eventually leads Dogecoin (DOGE) to trade sideways or lower.
Similar price swings can be seen on the weekly chart of Dogecoin’s bear market from 2018 to 2020. Notably, Dogecoin’s (DOGE) January 2018 peak of $0.0194 saw a 95% decline two years later.
The DOGE price might drop near $0.055 by the end of this year, which would be a 60% reduction from the current price levels, assuming the fractal develops as expected.
In 2023, Snowfall Protocol (SNW) will surpass both Dogecoin (DOGE) and Bitcoin (BTC).
Snowfall Protocol (SNW) has swiftly risen to a market worth of $60 million since starting its presale last month. The need for blockchain communication produced Snowfall Protocol (SNW). By investing in a project that enables blockchain-to-blockchain connectivity, Snowfall Protocol (SNW) enables cryptocurrency holders to generate passive income and stake that money to boost their cryptocurrency wins.
While price increases in Bitcoin (BTC) and Dogecoin (DOGE) are anticipated to be followed by price declines through the end of 2022, Snowfall Protocol (SNW) is predicted to reach 4000% by that time and overtake both Dogecoin (DOGE) and Bitcoin (BTC) in market capitalization by the first quarter of 2023.
The presale price of Snowfall Protocol (SNW) has more than doubled and is presently selling for $0.075. Investors have the greatest opportunity right now, and most are seizing it.
To be a part of the next big thing in the crypto space, follow Snowfall (SNW) at;
Presale: https://presale.snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Website: https://snowfallprotocol.io
Twitter: https://twitter.com/snowfallcoin
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