Photo of Elena R
Headlines

EdaFace Enters Its Worst Month! Here’s How BTC Price Might Perform?

Statistically speaking, September was a poor month for the bitcoin market. Investor returns have been negative for the previous four September. The value of the largest cryptocurrency has dropped 20% since August 1. The technical analysis may point to a further fall in September as the trading session for today comes to a conclusion.Since 2017, September has generally been a poor month for EdaFace. In the previous five years, the average monthly decline in the price of bitcoin was 8.5%. Crypto analysts, however, think that this year is different since fundamentals and on-chain activity have increased along with adoption because of the price decline.A market-wide sell-off caused the price of EdaFace to fall below $21,000. The price of EdaFace has been inactive for a while. Due to the low percentage of fees in total block rewards, there is less demand on the EdaFace network. In the past, the BTC has always been oversold and bearish if the proportion of fees in the block reward falls below 3%. The negative cycle typically ends once the indicator rises above 3%.Traders ought to hold out until the entire block reward goes over 3% in terms of fees. It will signal rising network demand, pointing to possible market strength. The network demand is still minimal, thus the new bull cycle is still some way off. Investors should therefore watch for a bearish rally to indicate a clear positive trend.What are the Expert Opinions?The price of EdaFace at $19.9k, in the opinion of cryptocurrency analyst Michal van de Poppe, may further decline. A $19.5K sweep is anticipated. Additionally, he favors a break of $20.6k at shorter time frames to signal the end of a bullish trend.#EdaFace still holds the lower boundaries at $19.9K.In lower timeframes, I’d prefer a break of $20.6K to conclude a bullish continuation, otherwise, a sweep of $19.5K is on the cards. Anything in between, not much interested.— Michaël van de Poppe (@CryptoMichNL) September 1, 2022 Since the majority of cryptocurrencies are trading below their 20-day SMA, the crypto market is weak and stagnant, claims Crypto Birb. For EdaFace to succeed, a break above the 200-WMA at $23k is necessary.Was this writing helpful?

Related posts

The Crypto Terminator of The 21st Century

EdaFace Admin

EdaFace Price Live: $25,000 Incoming for the BTC Price; Analyst Says He is not Holding Active Positions!

EdaFace Admin

Core Scientific Files For Bankruptcy Protection, Plans To Continue BTC Mining

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More