But not everyone is optimistic that this trend will continue. Specifically, the social volume of calls for ‘sell OR selling OR sold’ has been reaching its peaks in the past several days.
Indeed, according to data from the social trends feature shared on May 5 by the on-chain and social metrics platform Santiment, the volume of calls in this area is the highest since early February.
As per the tweet:
“Crypto traders appear to believe that yesterday’s market-wide price surge was an anomaly, and the short celebration won’t last. Historically, when calls for selling spikes, crowd FUD like this strengthens the case of a continued rise.”
‘FUD’ is a commonly used piece of technical jargon in the crypto industry, and is an acronym for the sentiment of ‘fear, uncertainty, doubt’ – typically referring to the pessimism of the market participants in terms of its near future.
Compared to this sentiment, the opposite calls – those for ‘buy OR bought OR buying’ have been recording a dramatic downwards pattern since the spike on April 28.
Crypto experts don’t share the pessimism
That said, crypto trading experts are bullish on the market’s major assets. One of them is Michaël van de Poppe who, in anticipation of yesterday’s Fed meeting, had expressed his belief that Bitcoin (BTC) could flip towards the upside, despite the majority expecting a downwards momentum.
At the same time, he also said that Ethereum (ETH) might also bounce back with a price increase, analyzing the token’s previous price activities as it approaches the long-awaited merge that will mark its transition to the Proof-of-Stake (PoS) mechanism.
Meanwhile, the flagship digital asset at press time traded at $39,548, up 1.55% on the day but down 0.44% across the week. Ethereum – its runner-up in terms of market capitalization – traded at $2,898, which is a 1.89% improvement on the day and a 0.76% gain from the previous seven days, as per CoinMarketCap data.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.