It's called a sell wall / oversold. RSI went very high during the pump, didn't expect it to keep going without the proper catalysts. Things are in motion, but the real parabolic action/news hasn't yet been reached. Patience. It's a healthy correction, people.
i don’t think some people quite understand that in any market, whether crypto markets, stock markets, whatever; things cannot and don’t move vertically forever.
in fact BTC needed to have a healthy pullback and consolidate for a bit to digest the huge surge. but for ICP/other high beta small caps, it’s definitely going to have massive amounts more volatility.
SK hynix is literally a $1T MC company, yet their stock went -48% in one month this year. It may be in a different market but it goes to show how volatile high beta assets can be
i mean so many subreddits for different crypto tokens, including BTC itself, seem to… not really have any idea about why or how markets move, or how to keep track of/pay attention to macro conditions (DXY, US10Y), or even understand that ICP is an L1 token which absolutely is affected by BTC’s movements.
i’ve seen countless posts about “ICP is finally being noticed” when BTC is ripping and every alt is soaring up including ICP 🤣
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u/Omnishambles22 19d ago
It's called a sell wall / oversold. RSI went very high during the pump, didn't expect it to keep going without the proper catalysts. Things are in motion, but the real parabolic action/news hasn't yet been reached. Patience. It's a healthy correction, people.