{"id":15886,"date":"2024-08-07T10:06:27","date_gmt":"2024-08-07T07:06:27","guid":{"rendered":"https:\/\/forklog.com\/en\/experts-identify-key-level-for-potential-correction-phase\/"},"modified":"2024-08-07T10:06:27","modified_gmt":"2024-08-07T07:06:27","slug":"experts-identify-key-level-for-potential-correction-phase","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/experts-identify-key-level-for-potential-correction-phase\/","title":{"rendered":"Experts Identify Key Level for Potential Correction Phase"},"content":{"rendered":"<p>The price of the leading cryptocurrency has reclaimed the crucial support at $56,000, yet uncertain trading suggests risks of resuming a downward trend. This is according to a report by CryptoQuant, as noted by <a href=\"https:\/\/www.theblock.co\/post\/309796\/bitcoin-hovering-at-key-support-levels-with-risk-of-further-price-correction-cryptoquant\">The Block<\/a>.<\/p>\n<p>According to analysts, the MVRV indicator has fallen below the 365 <span data-descr=\"day moving average \" class=\"old_tooltip\">DMA<\/span>, which in previous cycles signaled a continuation of price declines.<\/p>\n<p>A similar situation was observed during the COVID-19 crash in March 2020, the downturn in May 2021, and the onset of the bear market in November 2021, they added.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cInvestors should monitor this metric to assess the possibility of a rebound or further correction. If this support fails, the price could drop to $40,000,\u201d<\/em> the experts advised.<\/p>\n<\/blockquote>\n<p>Earlier, 10x Research identified U.S. economic indicators as the main factor in Bitcoin&#8217;s decline.<\/p>\n<p>Previously, ForkLog discussed with experts the reasons for the dump and identified conditions under which major coins might begin to recover in price. Read the details in the article.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of the leading cryptocurrency has reclaimed the crucial support at $56,000, yet uncertain trading suggests risks of resuming a downward trend. This is according to a report by CryptoQuant, as noted by The Block. According to analysts, the MVRV indicator has fallen below the 365 DMA, which in previous cycles signaled a continuation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1205,1268],"class_list":["post-15886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptoquant","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15886"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15885"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}