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- According to Crypto Rand, price corrections are necessary for healthy growth in the crypto industry.
- Crypto Rand noted that the market’s overall macrostructure remains intact despite corrections.
- Most crypto asset prices dropped significantly in the past two days, following a pullback in the price of Bitcoin.
According to Crypto Rand, a cryptocurrency trader on X (formerly Twitter), price corrections are necessary for healthy growth in the crypto industry. Hence, he warned users to prepare for shakeouts. The renowned trader cited the Mid Caps rejected on the main resistance as an example but noted that the overall macrostructure remains intact.
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
Crypto Rand explained his view using data from TradingView showing the price action of the Index of some selected cryptos, including Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), MultiversX (EGLD), and others. The shared data showed multiple resistance levels in the chart’s trajectory could serve as potential turning points for the price.
The resistances consist of major and minor levels based on the Index’s historical behavior. Any of the levels with low price action from a historical angle is regarded as a minor resistance while the levels with multiple price actions are considered major levels with a higher potential of affecting price behavior. Nevertheless, Crypto Rand considers those levels as regions for temporary pullbacks needed for the market to grow.
Most crypto asset prices dropped significantly in the past two days, following a pullback in the price of Bitcoin, the flagship cryptocurrency. In a typical retracement, Bitcoin’s price dropped sharply from $43,801 to $40,181 in just a few hours, according to data from TradingView. This price drop reflected an 8% fall in the price of Bitcoin after days of consistent rally. Ethereum, the flagship altcoin, also dropped in price over the same period, losing 8.8% of its value by moving from $2,355 to $2,145. Many crypto users, including Crypto Rand, consider the general market pullback as a normal development, informing those new to the system not to gamble with the market, as they expect prices to continue upward soon.
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