As the Crypto winter continues I am seeing a lot of posts about how you should be hodling your positions here on Steemit, and this is exactly the case, however as I am looking at the charts, there seems to be a lot of movement on the volume end of things for a market that is supposed to be waiting.
You can see by this chart of Lumens that back on the 2nd of February when it hit its lowest point that the bulls came out in force to drive the price back up, but because they had done that, immediately after the price mooned, the FUD gave way to FOMO and there was as much sell-off volume as there was buy-in. The weaker of the hands were taking their money out presumably at a loss, albeit not as great a one as before, to make themselves feel better and consolidate their holdings. But fortunately the bears did not come back with the same rigor as before and the price held at a higher point. That volume spike is what was needed to get people interested again and Lumens has been testing the 200 MA ever since looking like pretty soon that resistance line could become the new support for the next bull run.
I am no expert and this is just my opinion, but it seems that the bulls were hiding and waiting to see how far the price would drop before getting back in. Once the tide had started to turn, then others jumped on board and we had this breakout. Seems like a lot of movement for a market that is supposed to be hodling!
Thanks for reading and please leave you comments below whether you agree or not; much can be learned from a good conversation!