A controversial Monday
The market signals are a bit confusing.
On one side we see a decreasing social volume for "buying the dip":
Looks like it's going lower and lower every next dip. It means that people are becoming less convinced in buying at these levels. Less confidence in the dip.
On the other side people are still minting new debt according to Maker DAO debt created chart (DAI minted):
This indicates opposite, traders remain bullish which is not good for price.
Another chart we're looking at these days is daily active addresses as a network activity proxy, for example on Bitcoin:
Overall, there are some encouraging signs, but the activity is not clear.
Active addresses could mean different things, it depends on how it evolves along with price. A divergence or convergence?
Just to keep an eye.
Thanks for reading!
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