Bitcoin News

Osmosis Jumps on BTC Bandwagon, HODLs 10% as Markets Turn Bullish

Following its decision to integrate Bitcoin [BTC] into its network for increased security, Osmosis’ co-founder stated in a tweet on March 19 that the foundation had converted more than 10% of its cash in treasury into Bitcoin.

While the actual amount in the project’s treasury is unknown, Twitter crypto researcher WuBlockchain believes it “should mostly consist of OSMO and USDC.”

Some of its treasury currency has been converted to BTC as the king coin shows signs of recovery. According to CoinMarketCap data, BTC’s value has increased by 71% year to date. The top coin, which was trading at $28,223.99 at press time, was trading at prices last seen in June 2022.

OSMO’s value has dropped by 92% after reaching a high of $11 in March 2022. At $0.84 at press time, CoinMarketCap statistics revealed that the token’s price had fluctuated between $1 and $0.80 in the previous month.

An examination of the token’s 200 and 50 moving averages on a daily chart indicated the presence of a death cross since December 2022. OSMO’s 50-day moving average has since fallen below its 200-day moving average. This is often regarded as a sign of a downhill trend.

Also, the price of the OSMO was trading near the lower band of the token’s Bollinger Band indicator. While this suggested that the asset was oversold at the time of publication, it also hinted at a possible price recovery.

Moving average convergence/divergence (MACD) analysis corroborated this. The MACD line intersected with the trend line in an uptrend on March 14, ushering in a new bull cycle.

Furthermore, at the time of publication, OSMO’s Money Flow Index (MFI) suggested at rising accumulation. This indicator was set at 52.51, which was above its center line. Buyers outnumbered sellers in the OSMO market, as measured by the Directional Movement Index (DMI), indicating that they controlled the market.

At the time of publication, buyers’ strength (green) was 21.60 points higher than sellers’ strength (red) of 18.20 points. Nonetheless, keep an eye on the Chaikin Money Flow (CMF) indicator, which was negative at the time of publication. This demonstrated that, despite being in a bull market, a significant amount of liquidity departed the OSMO market. As a result, any major price increase must be favorable.


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