- The crypto world continues to perform wild market swings that raise tension inside the crypto market.
- Binance psychological chart measures the emotional level of the traders inside the crypto market.
The crypto world continues to perform wild market swings that could make traders and investors go crazy. As a result, the emotional level inside the crypto space is at its peak nowadays. For this reason, Binance created a chart that determines the emotional position of traders and investors in the crypto market.
Source: Binance Twitter
In the chart above, we can see various types of emotions based on the price and timings of the crypto market. For example, when the crypto price surges to an ATH, traders feel the euphoria. This type of emotion makes people think that they made the right choice like they are geniuses.
However, when the price of the crypto goes down the feeling of panic and depression appears. As a result, traders and investors start to feel down as FUD inside of them increases. In this psychological state, there is a possibility that crypto holders might end up making wrong decisions.
All these things mentioned above are just some examples of the psychological cycle inside the crypto world. Therefore, it is recommended to do in-depth research before investing in the crypto market. In this case, traders and investors can avoid huge losses that cannot be reverted back.
In other news, amid increasing sentiments that the cryptocurrency market has already arrived at the 2021 bear market, market analysts and crypto experts warned crypto traders and investors against panic-selling amid growing fear, uncertainty, and distrust (FUD).
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