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Daily Trends, Charts, and News - Featuring AVAX - Avalanche Against Bitcoin - Markets Super Bloody!

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Hello everyone! Welcome back to another Daily trends, charts, and news here on Coin Logic! Everyday we feature Bitcoin and Hive charting analysis as well as a daily featured crypto asset! Today's token of the day is AVAX.

Keep reading for the trending markets as in the top gainers and losers as well as the daily update on the Bitcoin Fear and Greed Index and the Bitcoin market dominance charts and our daily news flash!

Token of the Day

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche.

AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

Avalanche launched on mainnet, September 21, 2020.

As far as the charts are concerned, AVAX has been on a huge uptrend since September 2021 and is currently sitting at the 11th position by marketcap. Currently it is following the rest of the markets which are incredibly bloody at the moment but has fallen and is respecting the upward trend line. The momentum wave on the market cipher indicator is starting to level out and looks like it might try to consolidate or move the other way. The concern is the Money Flow indicator did swoop below the zero line and is currently in the negative.

AVAX is currently highly correlated with Bitcoin and the rest of the major crypto assets currently, so look for it to move when the higher caps start to move.

Bitcoin

Bitcoin is at some scary levels currently as it has hit a major support level and is currently holding. The RSI is currently oversold on the daily time frame and the momentum wave is looking like it might start a sharp correction, which is a good thing. It would give us a secure trigger wave which is a good indication of a change in trend in the short term. If this level does not hold, we are looking at the next stop around $37K then $30K, that is some scary levels so all we can do is hope and be smart with your investments.

Hive

Hive has certainly settled into the zone of support that we are really wanting it to hold. If we can keep Hive above this level, we could see more consolidation which is not bad but of course we want to see it turn around.

The momentum indicator is still falling and the money flow indicator has dropped below the zero line, but that is not to say we cannot see a reversal soon. We are basically at the zone of no return.

What's Trending

As you can see, there is very little in the green. The only thing really up worthwhile is NEAR. Everything else is fairly bloody.

Heres' a shot of the top 10 by marketcap and top 10 by volume for today.

You can see what the main movers are. Terra and Cosmos are both moving allot of volume and do not look like they are slowing up. The rest have been pretty solid players in the volume for some time. Solana is another one that pops in and out when they have new NFT collections launch.

Bitcoin Fear and Greed Index

Market sentiment is still extremely low as we sit in extreme fear at a 23. Play your investments smart, but this could be a great time to look for some fire sales on some good tokens!

Bitcoin Dominance

Bitcoin dominance went back to the 40% level and has held and even is starting to form a bit of an uptrend. It needs to get above 45% to really start to see a bigger run for Bitcoin vs the other digital assets in the space.

We aim to do this daily to help you gain a better understanding of the markets and how these crazy charts work!

All of the articles below can be found in our News Center on Coin Logic.

Not only do we use 4 of the top news sources in the space, but we also source our news and updates directly from the Hive blockchain community!

We pick our favorite couple of articles from the bunch to share with you and give you our summary and opinions.

Our primary news sources are:
AMB Crypto Bitcoin.com Bitcoin Magazine Decrypto.co Hive Blockchain:

  • leofinance.io

  • hivehustlers.io

  • coinlogic.finance community

Top Story 1

Avalanche [AVAX] and what it ‘defying’ Bitcoin means going forward

https://ambcrypto.com/avalanche-avax-and-what-it-defying-bitcoin-means-going-forward/

Our Summary: Avalanche is a younger player in the DEFI space but is quickly becoming a major competitor. It is becoming a very attractive investment as it has had a pretty tight correlation with Bitcoin plus it gives the benefits of DEFI. It had a brief disconnect from Bitcoin as it had a very positive November and December with allot of volume and network adoption.

Check out the article from AMBCrypto for more!

Top Story 2

After 13 Years, They Still Hate Bitcoin

https://decrypt.co/90004/13-years-of-bitcoin-hate-remains-matt-damon

Our Summary: The recent ad by Crypto.com using Matt Damon got some serious hate from the likes of other celebrities and commentators that think we should care what they think or believe. Even after 13 years of never being hacked and is the largest and most secure network in existence, there are still a large number of people that avidly hate it.

But it's not just celebrities, but many gamers in Discord have been actively slamming crypto and now NFTs, calling them a scam, but what they don't realize is that the NFT world is about to infiltrate the industry whether they want it or not.

If you want to know more about the hate on Bitcoin, other cryptos, and NFTs, check out the article by Decrypt.co!

Nothing we say is financial advise. This is for educational and recreational purposes only! Stay safe in these volitile markets and don't get rekt!

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