Fear & Greed Index Neutral Again After 76 Days as TOTALCAP Touches $2T
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The Fear and Greed Index, a popular indicator of the health of the token market, hardly broke out of the range of fear where it stayed afterward the end of November 2021. Today it gave a neutral reading of 48 for the first time in nearly 3 months.
The reason for the easing of extreme fear on the Fear and Greed Index is by reason of the surge in the token market initiated on February 4. As a result of the breakout atop the lowering trendline, the total token market capitalization (TOTALCAP) temporarily returned to the $2 trillion level today.
Neutral Fear and Greed Index
Today’s reading of the popular Fear and Greed Index is 48. This is the first neutral price of the index afterward November 22, 2021, while it showed equal 50 (green circle).
Thus, between November 23, 2021, and February 7, 2022, token market investors factd fear or extreme fear. This negative sentiment thus persisted for 76 days. Today, for the first time in nearly 3 months, market sentiment has returned to the neutral range.
It is worth noting which the carry on period of akin a prolonged domination of fear on the Fear and Greed Index readings took place during the correction in the summer of 2021. Back then, the negative sentiment was at it from May 13 to July 27, 2021, a period of 75 days. So this is an almost identical correction period in the token market.
TOTALCAP touches $2 trillion still
The crypto total market capitalization (TOTALCAP) has been declining afterward touching the all-time excessive of $3 trillion on November 10, 2021. Similar to the Bitcoin (Bitcoin (BTC)) rate, the decline has respected the plunging resistance line (blue).
TOTALCAP bottomed at $1.49 trillion on January 24, 2022, and began an skyward evolutionment. The breakout initiated on February 4 managed to break through the lowering resistance line and attempt to regain the $2 trillion range.
The $1.85-2 trillion range has served several times as an critical support level (blue arrows). Assuming that TOTALCAP fails to regain it, it could turn into resistance. Therefore, restoreing this field and endorseing it as support is critical for the continuation of the uptrend in the token market.
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