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Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

The price trend of Shiba Inu has been following the rest of the cryptocurrency market and remains negative. Notably, SHIB is still seeking to reclaim the high points it reached last year, when the value and popularity of the meme coin surged. As of this writing, SHIB is trading at $0.00001145, down 4.5% in the last seven days, data from Coingecko show, Sunday. Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors are optimistic that the asset will recover and are boosting their coin purchases while ignoring the market’s weakness. According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 holding addresses, representing an increase of around 35,835 new holdings over the course of three months. The new holders represent a 3% increase from the 1,190,195 who were registered on June 26. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Shiba Inu: Increasing Use Case In addition to the prospect that new SHIB holders may wager on the coin’s appreciation, investors are likely drawn by SHIB’s rising utility. It is worth mentioning that interest in meme-based cryptocurrencies waned as a result of unfavorable publicity around the coins’ supposed lack of utility. Since June, Shiba Inu’s value has been on a roller-coaster ride, but the price has mostly remained low. The coin’s three-month high price was $0.000017 on August 15, and as of the time of writing, it had gained about 5% in the last 24 hours. Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001. Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure whenever it succeeds to breach past local resistance barriers. Holding On To The Meme Coin Meanwhile, around 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally abstained from disposing of their coins. These holders are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-profit asset. As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. The decline in trade volume is unfavorable for a coin that heavily depends on speculative appeal. As the number of SHIB holders increases, it appears that interest in the coin is waning. Google Trends data indicates that global searches for the keyword “Shiba Inu” decreased to their lowest level in the past 12 months, suggesting that SHIB could be losing its most avid fans. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com Featured image from Daily Pets Care, chart from TradingView.com

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Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

biggest-movers:-doge-hits-1-month-high-to-start-the-weekend

Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today’s session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high. Dogecoin (DOGE) Dogecoin was one of Saturday’s most notable More

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Prominent Cryptos Cosmos And Decentraland Are Being Challenged By Dogeliens And Its Bonuses

Prominent Cryptos Cosmos And Decentraland Are Being Challenged By Dogeliens And Its Bonuses

The prices of cryptocurrencies are depleting over time as the market goes through a bearish cycle. Metaverse projects like Decentraland (MANA) and others have also faced a severe decline, while the “Internet of Blockchains,” Cosmos (ATOM), also keeps up its red run. In such a situation, crypto traders search for some newly rising crypto projects […]

Crypto News

Chiliz (CHZ) Leads The Market By Adding Over 30% A Week In Bear

The outlook of the general crypto market hasn’t been very encouraging in recent times. This week saw most coins losing their daily and weekly price gains. For instance, Bitcoin stayed red in both daily and weekly price gains. Currently, its 24-hour price is showing a drop of 1.83%. But the 7 days movement shows a price loss of 4%. Ethereum has also shown an unimaginable loss in its 7 days price gain. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? As of September 23, ETH hourly gain, 24 hours gain, and 7 days were all red. The crypto lost 0.02% in 24 hours and 11.44% in the 7-day movement.  Chiliz CHZ Not Affected By Bearish Trend   Chiliz (CHZ) is showing a different price movement amid the bearish momentum. Its gains in 7 days have continued to increase. Currently, CHZ is trading at $0.2685, showing a 5.31% price increase in 24 hours.  But this gain is not the most interesting since CHZ’s price in 7 days has increased by around 30%. Since September 16, the coin has continued to climb considerably. It opened the market at $0.1901 but jumped during the day, reaching $0.2099.  That day marked the beginning of a positive price movement that has lasted till today. CHZ has maintained its hold above $0.2 and hasn’t dipped below the price since September 16.  But What Could Be Pushing Chiliz CHZ Continuously?  The first notable push started with the announcement of CHZ 2.0, Chiliz native chain, last month. The developers informed the community of their intentions about launching the chain for their NFTs and fungible tokens, moving them away from the Ethereum blockchain.  The announcement led to a spike in price and trading volume. After the information, the crypto whales again showed their hands, pushing transactions higher. Data reveal that the transactions reached above $100,000 and caused a rise in CHZ price by 12.5% on the same day.  Analysts also predicted last month that CHZ would hit its cup and handle the pattern profit target of $0.32 by September. The indications were shown on August 14 when the token broke out of its prevailing cup and handle setup.   Will, The Macro Factors Push CHZ Price, Down? Analysts predicted that CHZ would reach its profit target this month due to its positive movement in August. With the current movement in price, the token might reach the predicted price very soon.  Gaining 30% in seven days is not an easy feat amid the ongoing bear trend. If it continues in that trend, CHZ might grow higher before September ends.  Related Reading: PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20% But then, the bearish market is due to macroeconomic factors, including inflation, a rising level of CPI, and continuous interest rate hikes. These factors contributed to the crash in the crypto market.  No one can predict prices. So CHZ has many challenges to face to continue its upward trend.  Featured image from Pixabay and chart from TradingView.com

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Shiba Inu Eternity Update Awaited – Will This Lift SHIB’s Price?

There may be a Shiba Inu (SHIB) rally coming soon. Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem. SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update. Related Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor? Shiba Inu ‘Eternity’ Excitement   A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet. Thank you to all the wonderful #SHIBARMY listeners, participants, and those who asked questions. You rock! See you on Download Day, October 1st/2nd!! 😍😍 #SHIB #Shiboshis #ShibaEternity #SHIBARMYSTRONG https://t.co/TcGVBZIM10 — SHIBQueenie (@SHIBQueenie) September 23, 2022 The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game. According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores. There was consequently a lot of excitement about the coin and the overall ecosystem. There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30. That Much-Needed Scalability Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side. Will this, however, be sufficient for the coin to rally? Currently, the coin’s value is between $0.000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies. Chart: TradingView.com This decline in price, which followed a progressive climb from June to August, is the result of larger market factors. The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10. SHIB Seen Rising To The Occasion Nevertheless, it has risen to the $0.00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally. The last decline at $0.00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level. Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash. If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com Featured image from Coin Culture, Chart: TradingView.com

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Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine yesterday’s perfected TD9 buy setup in Bitcoin and other potentially bullish signals.  We also compare BTC against the dollar using the DXY Dollar Currency Index. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 22, 2022 In yesterday’s video, we warned of a new low being made due to the appearance of a TD9 buy setup. These signals can be perfected when the candle makes a lower low. Here is how that played out. Related Reading: Bitcoin Reacts To 75 Basis Point Fed Rate Hike | BTCUSD September 21, 2022 Market Timing Tool Triggers Perfect Buy Setup During FOMC Aftermath Given the several shakeouts and the explosive intraday volatility, taking a position based on the the TD9 buy setup was not easy. The TD Sequential has also brought its resistance level down to roughly $22,700. If price can tag the red line, we could have a low timeframe reversal. A bullish divergence on the Relative Strength Index and LMACD potentially back up this bullish signal. Were bulls bold enough to take action at the TD9 buy setup? | Source: BTCUSD on TradingView.com Building The Case For A Possible Bitcoin Bear Market Bottom Momentum is also right on the zero line on weekly timeframes, where those same bullish divergences could be building. The doji candle is indicative of indecision in the market, and could be a pause prior to a reversal, or strong continuation to the downside. Weekly momentum has also fallen to the same level where past reversals formed. A bullish crossover might be all it takes to confirm a bottom is already in. In 2018, once crossed, Bitcoin took off like a rocket with more than 300% ROI in three months. Comparing former bear market bottoms using the Relative Strength Index, each time the indicator reached oversold conditions on weekly timeframes, the bottom was already in. The PPO Percentile Rank which helps find tops and bottoms, shows that Bitcoin has been exhibiting bottom-like behavior. Moving out from the green range often has been the start of a new bull run. Several indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com Related Reading: When Will Crypto Winter Thaw Out? Total Crypto Market Cap (TOTAL) September 20, 2022 BTC Versus USD: It All Comes Down To The Dollar What happens to Bitcoin at this point has more to do with the dollar. The dollar is one half of the BTCUSD trading pair, making it especially important. The dollar has been in a powerful uptrend, as you can see in the daily chart. However, momentum has been making lower highs suggesting that the underlying strength is weakening. The DXY dollar currency index is also potentially forming an ending diagonal, which looks much like a rising wedge. These potentially bearish signals could create a reversal in the dollar that allows Bitcoin to bounce. A comparison with Bitcoin offers a potential example of what might happen in the dollar. After a failed upthrust, price action reversed and a high was put in. Is the DXY forming an ending diagonal? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com