Cryptocurrencies
As Crypto Rout Deepens, One Technical Gauge Shows Rally Ahead
- Trading envelope indicator shows selling pressure may mitigate
- Bloomberg Galaxy Crypto Index has dropped about 10% this month
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Amid a protracted sell-off in cryptocurrencies, at least one technical indicator is painting a brighter picture.
Based on the trading envelope indicator, the Bloomberg Galaxy Crypto Index is nearing its lower limit, potentially signaling that selling pressure may dissipate and a short-term rally could ensue. The index, which has lost 10% this month, tracks a basket of the largest digital assets, including Bitcoin, Ether and XRP.