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No panic for now: correction is still on

Nov 11, 2019

Last week great news came from Asia, regarding the mining ban in China. On the one hand, this is a very positive moment and the market should be responding with good growth. But as we can see, the price dipped 8.5% by last weekend and reached the 8700 “trade” lvl.

Even the CZ forecast itself didn’t contribute to the market growth and its own BNB coin, which also lost about 6% in price. But as we know, it’s not difficult for the market to win back even 10%.

It’s important, that some projects have found a way to influence their coins by burning part of the issued tokens. For example, the Stellar team announced the 50% token’s burning and stopped the coin distribution program. These actions added 30% in price immediately. This approach can give an impetus to other projects and show serious intentions to stay on the market in the future.

Globally, the market continues to correct the capitalization movement indicator and speaking about downtrend is very early. If the capitalization drops below $200 billion mark, this will be a negative signal for all players. The greed and fear index, which is around 40 (neutral indicator) shows no panic at the market too.

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