CryptoQuant Analyst: Signal of Market Transition from Neutral to Bullish
Analyst Axel Adler Jr. from blockchain data analysis platform CryptoQuant announced that the sharp downward pressure in the cryptocurrency market, which has been ongoing since the end of July, has ended and the market has switched to a neutral-to-bullish trend.
Adler stated that the SMA-120 (120-day simple moving average) line, which is used to determine short-term market direction, turned upwards after a long downward trend and touched the zero axis.
Adler reminded that a similar attempt was made last week but failed, pointing out that the technical outlook was stronger this time.
According to the analyst, the market has now moved from a period of aggressive bearish pressure to a balanced and slightly bullish position.
Whether this trend will persist will become clearer in the next two days. Adler emphasized that a trend reversal would be technically confirmed if the SMA-120 line remains above the zero axis throughout this period.
Such a scenario is considered a strong sign for investors that the market has entered a recovery process.
This is not investment advice.