Key On-Chain Metric Dips Into Buy-Zone; Moonbirds Sales Volume Explodes

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Chart of the Day

On Monday, the broader crypto market took another dip amid thin trading volumes across all major exchanges as investors wait to see if the U.S. central bank will raise interest rates again in May to curb inflationary pressures. As a result, BTC briefly dropped to a five-week low near the $38.5k level before rising back above the $40k psychological barrier. As of the time of writing, the largest cryptocurrency by market cap is inching up to test the $41k resistance after posting a 4.8% gain within the last 24 hours. BTC will likely accelerate its upside momentum once the next major resistance zone near the $41.5k level is cleared.

On the on-chain front, the BTC Entity-Adjusted Dormancy Flow chart has recently dipped into the buy zone, one that has been proven by historical patterns to offer an excellent window of opportunity for investors to accumulate BTC. However, the v-pattern of the current phase appears to be less crisp than those of the previous three occasions. This is possibly due to weaker spot demand which, in turn, leads to momentum that is insufficient for a stronger recovery.

In a similar vein to BTC, ETH has climbed back above the $3,000 level after rising by 4.4% over the last 24 hours. Most major altcoins have also flipped green, with LUNA leading the altcoin rallying charge on the back of a double-digit percentage jump from 24 hours ago.

Talk of the Town

Moonbirds, a new NFT project by Kevin Rose's PROOF Collective, has been putting up jaw-dropping sales numbers since its launch just two days ago. The Ethereum profile picture NFT collection has so far managed to generate a staggering $280 million in total sales volume in a mere 48 hours. Initially priced at 2.5 ETH per NFT, the Moonbirds NFT collection has been changing hands within the secondary markets at a floor price of 19.8 ETH (as of the time of writing), and these skyrocketing numbers do not seem to be stopping anytime soon.

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