In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi […]
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Shiba Inu, earlier today, witnessed a significant surge as it went up by almost 20%, pushing its spot trading price to $0.000014. Although it was immediately rejected entry to the $0.000015 marker, the asset managed to outperform other cryptocurrencies belonging to the top 10 list in that particular department, including Bitcoin and Ethereum. SHIB tallies 31.7% increase over the last 7 days Shiba Inu was rejected at the crucial $0.000015 marker today A price correction is once again on the horizon for the asset It would appear SHIB continues to benefit from Dogecoin rallies as this latest price pump came on the same day Dogecoin increased by almost 80% before experiencing minor price correction. Shiba Inu’s $1.8 billion trading volume is also impressive, tallying an increase of 167%. This, however, went down a bit as the crypto experienced a slight decline in its spot trading price. At press time, according to latest data from Coingecko, the Dogecoin spin-off meme altcoin is trading at $0.000013. Its 24-hour gains dropped to just 9% but is still up 31.7% over the last seven days. Shiba Inu: Dealing With Selling Pressure A look at SHIB’s chart shows unabated selling pressure will come with the possibility of a movement towards the 0.382 Fibonacci Retracement Level (FBI) at $0.0000128 or the 0.5 FBI at $0.0000122. Related Reading: FLOW Diverted By Bearish Current Amid Relative Inactivity – Here’s Why Source: TradingView This will obliterate any bullish momentum that Shiba Inu gained over the last few days when it breached the $0.000015 marker. The asset’s Relative Strength Index (RSI) ended up being in the overbought zone, indicating the need for the SHIB price to stabilize before a resumption of an upward movement can happen. One crucial thing to look out for during this price dumping phase is the buying pressure which, if sustained, will likely lead the way for a test of the $0.000016 level. Shiba Inu, at least for this day, is on bullish trend and is less likely to experience high volatility. Its price movement might swing between $0.000015 and $0.0000128. Shiba Eternity Still Not Helping SHIB One of the things that developers and the SHIB community are hoping to help the crypto to reach higher levels is the release of the Shiba Eternity Game. It is a free mobile card fighting game that was launched on October 6, 2022, both on Android and IOS platform, and is part of an ecosystem for the asset that is still in development. Unfortunately, even after going online, the game failed to give the altcoin any momentum to break out of its slump. Thankfully, over the last few days, the broader crypto market initiated a bullish run that stopped the bleeding for the virtual coin. Recently, SHIB also indirectly took advantage of the news about Elon Musk’s Twitter take-over as it piggybacked at DOGE’s surge moments after the deal was finalized this week. Related Reading: MATIC Looks To Hit $1 Target After Breaching Major Resistance SHIB total market cap at $6.8 billion on the weekend chart | Featured image from Somag News, Chart: TradingView.com Disclaimer: The analysis represents the author’s personal interpretation and should not be construed as investment advice.
It’s been a green October ending for the entire crypto market, and the meme coin section is no exception. Shiba Inu, the biggest Dogecoin rival, has fluctuated 26% gains after joining the recent market-wide correction. Earlier in the day, the top-20 coin had a 24-hour high of $0.00001488. It even looked like it’ll break through the $0.000015 mark. However, it faced serious rejection and fell back to $0.00001251. With this fall, Shiba Inu has lost 0.52% on the day. Nonetheless, it might enter into November with a solid price range if it finds support. Related Reading: Bitcoin Price Aims For $21,000, Will There Be A Wider Trend Change? However, higher price rejection during the current rebound rally may soon present a reversal opportunity. Shiba Inu Surges Alongside Other Memecoin, Can It Sustain The Growth? Shiba Inu has joined the surge in meme coins with Dogecoin as billionaire Elon Musk completes his Twitter takeover. The cryptocurrency market recovery, marked by rising altcoin demand, has continued alongside a week of gains in U.S. markets. After a week-over-week increase of 48%, the price of Shiba Inu soared to the $0.000015 level. It surpassed the important Exponential Moving Averages(20, 50, and 100). In retrospect, the bullish breakthrough of the consolidation that occurred between $0.0000104 and $0.00000955 was the spark that ignited the rally. The altcoin’s current market price is $0.00001255. This represents a 0.52% decrease intraday and a rejection of $0.000015. Shiba Inu might retest the $0.00001255 0.5 FIB level or the $0.0000128 0.382 Fibonacci retracement level. But selling pressure at the overhead barrier of $0.000015 has to intensify for this to happen. If the purchasing pressure continues throughout the corrective phase, the price of Shiba Inu will break above the overhead barrier. This would create a chance to enter the market and fuel positive sentiment. This means that a daily candle closing over $0.000015 can push prices up to $0.000016. New SHIB Wallets Reaches New Highs as it Gains Weekly High Of 33% In a week when SHIB prices rose 9% and more, 6,000 new cryptocurrency wallets were created. CryptEye reports that the number of holders has hit a new record high. The total is within a few hundred accounts of the 2.22 million mark, thanks to the influx of new investors. In the previous three months, the number of wallets with at least one SHIB transaction has climbed by 150,000. The most notable spike occurred between the middle and end of September. During this time, 87,000 new wallets were opened specifically to hold SHIB. Related Reading: ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7 Despite a rise in the number of people holding a SHIB, it wasn’t enough to push the token’s price. Even though there are more SHIB holders, this does not mean that there are more quotes. One glaring instance is the massive liquidation of SHIB holdings by major Ethereum holders. A week ago, the top 100 ETH whales controlled more than $120 million in Shiba Inu; now, that number has dropped to around $40 million. Featured image from Pixabay and chart from TradingView.com
After facing a market-wide correction, several coins, including Ethereum and Solana, have recorded substantial gains in the past week. Earlier today, Ethereum reached a 24-hour high of $1,652 before dropping to $1,602 at press time. The Ethereum killer Solana also peaked at $33.74 on the day. However, it has fallen to $32.66. Although both have suffered some losses on the day, the coins have kept impressive profits in the last seven days. The top-ten tokens by market cap recorded a weekly gain of over 10%. Ethereum and Solana are poised to finish the month of October strong if they continue at this pace. Related Reading: MATIC Looks To Hit $1 Target After Breaching Major Resistance Ethereum Breaks Through $1.6k. What To Expect Next After months of decline, the price of Ethereum appears to be following the market’s lead. It found key support near the $1250 level, pushing its price above the descending channel pattern. The price is testing and likely breaking above the major negative trendline. According to traditional price action, the market should be able to break over the $2,000 resistance level relatively easily. Anyway, the 200-day moving average is hovering around the $1700 mark, which might be a significant barrier for Ethereum. After months of slumping, Ethereum’s structure would turn bullish if the price breaks above the moving average and the $2000 zone. As a result, ETH’s price can go up in the mid-term. The 4-hour chart is similarly bullish, with the market impulsively breaking over the $1400 level and heading into the $1800 barrier area. However, a bearish divergence is visible in the current RSI indicator. There appear to be limited static resistance points before the $1800 level. Therefore, a correction or reversal may be on the horizon in response to this signal. The $1400 level might act as a critical support level and propel the price higher if a major correction occurs. How Solana Is Fairing: Looking At The Charts Solana currently trades at $32.66, with a 24-hour volume of $1,166,152,851. The price of Solana has fallen by less than 1% in the last day. Over the past day, trading volumes have reduced marginally. Plus, the altcoin’s Volume to Market Cap Ratio is still quite low. SOL Coin’s price peaked at $260.06 on November 6, 2021, and it has struggled to recover to that level ever since. At present, the Solana price is rising, and the coin is trading above the 20, 50 simple moving averages with a bullish bias. This suggests that it may retest the $35 barrier level. Moreover, a golden cross is imminent as the 20 SMA on the four-hour chart has recently crossed above the 200 SMA. But the support is currently at $30. Related Reading: FLOW Diverted By Bearish Current Amid Relative Inactivity – Here’s Why Several indicators suggest bullish momentum for Solana. Firstly, the signal line is above the MACD line, approaching a positive zone. An additional piece of evidence supporting the bullish case is the growing histograms. The relative strength index (RSI) is currently at 57.91. This is favorable for the bulls but is quickly approaching overbought levels. As a whole, the market is bullish based on these readings. Featured image from Pixabay and chart from TradingView.com
Yesterday from about 2AM ET to 2PM ET Dogecoin rose around 74% in an 12 hour period. This was likely the result of Elon Musk finalizing the buying of Twitter, in addition to the previous knowledge of his suggestion to use DOGE as a currency on the social media platform and have users pay to…
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I recently posted an article on r/btc. It was written in terms of pure idea disclosure without commercial purpose. I was worried about Reshitters, but I still took courage and posted it. The result was undoubtedly a complete victory for Reshitters. https://www.reddit.com/r/btc/comments/ygn6rw/bitcoingreen/ It's been about three months since I came into Reddit. So I went…
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Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar for Meta’s Horizon Worlds VR platform.
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