Crypto News

Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline?

Shiba Inu (SHIB) is full of surprises up its sleeve. The top dog meme coin’s latest price rally was impressive as the coin was able to showcase the lowest level of daily volatility as seen in the entire crypto trading history. As of this writing, SHIB is up by 2.66% or at $0.00001217. According to the daily chart, SHIB has been consistently darting on a straight line seen in the past few days. In fact, the dog meme coin’s price hasn’t moved a bit for a straight week, which is bizarre especially for a volatile asset such as SHIB. Chart: TradingView.com Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Shiba Inu On A Flatline? It’s uncertain why Shiba Inu has been showing a flatline or sluggishness in performance – but there are some talks coming from investors and traders that the volatility issues of SHIB seems to have cropped up from the decline in the burn rates of the token, which is said to have been fueled by previous Shiba Inu projects lke Shibarium Multiverse. On June 21, SHIB penetrated the descending channel as it rolls down which could have signaled a coin reversal. However, the discrepancy in trading inflows and volume prompted SHIB to roll back to $0.00001. Shibaswap Outperforming BAYC And OpenSea Shiba Inu isn’t just another meme coin you’ve heard of because it’s committed to growing and scaling the network. Shibaswap’s launch and its continuous thrust as the top Ethereum dApps in terms of social signals cements Shiba Inu’s status in the crypto space. Shibaswap was able to rake in an average of $10.8 million in terms of daily volumes. This is an exceptional performance coming from a DEX that was able to outperform both Bored Ape Yacht Club and OpenSea. Notably, there was also an in exchange withdrawals which is quite normal especially at discounted levels. Currently, SHIB trades at a huge discount from its ATH. Related Reading: THORChain (RUNE) Ready For 20% Climb Before Next Correction More so, Shibaswap has had a huge influence on the performance of SHIB. But, its impact isn’t as powerful compared other economic or market forces that may have caused its uncanny price movement or behavior. The Shibaswap ecosystem is expected to grow and expand which may influence more people to stake SHIB, but people just have to wait and see. In other news, while SHIB is no longer a part of the top cryptocurrencies according to market cap, the meme coin is still favored by the crypto space. Shiba Inu is planning to develop a reward token, stablecoin built for its ecosystem, and a collectible card for the metaverse. SHIB total market cap at $384 billion on the weekend chart | Source: TradingView.com Featured image from Slate.com, chart from TradingView.com

Bitcoin Crypto News

Why You Should Be Wary Of The Bitcoin Rally With BTC At $22,000

Bitcoin has been slowing down on its bullish momentum after crossing the barrier at $22,000 and $23,000. The cryptocurrency still holds some of its gains from last week but might be poised for a re-test of lower levels. At the time of writing, BTC’s price trades at $22,900 with a 2% loss in the last 24 hours and an 8% profit over the past week. This Bitcoin Bear Market Might Not Be Like 2020 Crypto market participants seem to be in pursuit of a quick and persistent uptrend, like the one seen in 2020. At that time, BTC’s price drop to a low of $3,000 and then began an ascend to its current all-time highs. However, trading firm QCP Capital believes the price of Bitcoin and other large cryptocurrencies might see more sideways movement and downside pressure before reclaiming lost territory. This price action might be more like the 2018 bear market. The firm believes BTC’s price will benefit during Q3, 2022. During this period, the cryptocurrency might attempt to reclaim higher levels, but with a potential to break above critical resistance areas capped by increased selling pressure from the Bitcoin mining sector and crypto companies suffering due to the bearish trend. BTC’s price action might continue to operate on uncertain grounds with “choppy moves” with an alternative narrative between bullish and bearish with a critical resistance at $28,700 to the upside and critical support at $10,000 to the downside. The latter matches the 85% crash that BTC’s price experienced during the 2018 bear market. Crypto Recovery Will Be Slow But Spells Long-Term Bullishness In 2017 when the price of Bitcoin reached its previous all-time high at $20,000, the crypto market followed with a massive rally. By 2018, the sector entered a multi-year bear market with the price of major cryptocurrencies losing over 80% of their value taking down trading liquidity with it. QCP Capital believes the sector has entered a new age of more maturity and resilience. The current downside selling pressure has seen high liquidity in a robust environment with less volatility across large cryptocurrencies. In addition, institutional interest in Bitcoin and Ethereum has been persistent despite the downside price action. In fact, QCP records an increase in “both trading and investments” from these entities. In the long term, this resilience in the face of high inflation and a hawkish Federal Reserve will translate into a massive rally. The trading firm compared the potential growth of the crypto ecosystem, for the decentralized finance sector, with the Nasdaq 100. As seen below, the crypto sector has been following the initial years of the Index and might trend lower over the coming years before it finally reaches global adoption. Over the next decade that suggests: (…) that the future will be a crypto-dominated one. The same way every company in the world today is, to some degree, an internet company. We believe in a 5-10 years from now, every company will be, in some way, a crypto company.

Bitcoin Crypto News

Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible?

Bitcoin has rallied once more above $24,000. This impressive rally follows an intense week where the FOMC’s announcement has basically shown that the United States is now in a recession. Investors had flocked to the bitcoin off the back of the news, causing the digital asset to surge immensely during this time. As the digital asset has beat one important technical level, it remains to see if it can beat another. Accumulation Triggers Rally There are a lot of factors that usually trigger a rally, such as the one that has sent the price of bitcoin soaring high. One of those has been a renewed accumulation trend from investors who are flocking to the digital asset to provide cover during uncertain economic times. Such a rally, if it continues, can put the digital asset on a well-established bull trend. Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store? However, there are still obstacles in the way of bitcoin. This means that even though the digital asset continues to rise now, it could very well witness a reversal trend that sends it spiraling back downwards. To avoid such a fate, it is important that the sellers are completely cut out, replacing these investors and traders with more determined long-term holders. BTC’s hold on $24,000 remains shaky | Source: BTCUSD on TradingView.com Whales have been a subset that has been trying to reverse the sell-offs. With the decline in bitcoin, it had presented an opportunity for investors to increase their holdings, and it was especially prominent among investors holding between 100-1,000 BTC on their balances. Can bitcoin Reach $28,000? Bitcoin’s recovery has put it on an impressive bullish path. However, this bullish trend has not been fully established. It has seen some obstacles along the way, and bears have begun to put up resistance in the market.  An example has been at the $24,000 level. Although bitcoin has been able to beat this level multiple times, it continues to fight a hard battle to hold onto it. The mounting resistance at this point has proven to be an important level for bears to hold. Related Reading | Elevated Bitcoin Open Interest Levels Puts Market In Vulnerable Position For the cryptocurrency to reach $28,000, it would have to beat the resistance at $24,000 and further at $25,000. Furthermore, there is an expected resistance at $28,000, given that it was the yearly low for bitcoin in 2021. However, if accumulation continues to ramp up at the rate it is, the digital asset has a good chance of reaching this high. Featured image from GoBanking Rates, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin Crypto News Ethereum

Top 5 cryptocurrencies to watch this week: BTC, ETH, BCH, AXS, EOS

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If Bitcoin clears its overhead resistance level, ETH, BCH, AXS and EOS could resume their uptrend with surprising strength. The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average which is at $22,705 and BTC’s More

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Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500, Following Strong Weekend Gains

bitcoin,-ethereum-technical-analysis:-eth-nears-$1,500,-following-strong-weekend-gains

Ethereum was once again higher on Monday, as prices of the token moved towards $1,500 following recent gains. Bitcoin was also in the green, as prices climbed close to a one month high, after surging above $22,000 to start the week. Bitcoin Bitcoin (BTC) was in the green to start the week, as the weekend’s… More

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