As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price corrections. However, Shiba Inu’s recent resilience at the $0.000017 threshold has been quite impressive, especially considering the high volume transactions that put the network to the test following the WazirX hack.
As a researcher studying the cryptocurrency market, I’ve observed that despite the significant selling pressure, Shiba Inu (SHIB) managed to hold its ground and didn’t experience a major price drop below the $0.000017 mark. However, it’s important to note that the overall market sentiment might still cause SHIB’s value to decrease further.
Despite the intense trading activity and subsequent pressure on the market, Shiba Inu managed to hold its ground at the $0.000017 price point. This tenacity is noteworthy given the challenges posed by the high transaction volume that put the network’s capabilities to the ultimate test.
The hack of the WazirX exchange resulted in the theft of approximately $230 million worth of assets, including a shocking 5.43 trillion SHIB tokens and notable cryptocurrencies such as Ethereum (ETH) and Polygon (MATIC). This unexpected surge in transactions is believed to have contributed to the security breach.
As a researcher investigating the recent SHIB theft, I’ve discovered that the hacker, known as WazirX Exploiter, swiftly converted the stolen SHIB into Ethereum (ETH), selling it for a staggering 26,535 ETH, equivalent to approximately $92 million. Despite the unexpected surge in SHIB tokens flooding the market due to this incident, the cryptocurrency’s price surprisingly held its ground and effectively absorbed the impact.
Through buying Shiba Inu coins from decentralized platforms and moving them to centralized exchanges for arbitrage trading, market makers such as Wintermute played a significant role in maintaining market stability for Shiba Inu. This action reduced the risk of price drops, demonstrating the strength and resilience of Shiba Inu’s market framework.
Solana’s performance recovery
In recent days, Solana has displayed impressive gains and could potentially pick up even more steam. The following prices represent pivotal points for this asset’s future development: [list of prices]
As a crypto investor, I view the 100 EMA, or Exponential Moving Average, at $147 as a significant support level for Solana. If this price holds, it could act as a launchpad for further gains and an indication of robust buying sentiment. In the past few trading sessions, Solana has managed to bounce back from this mark, showcasing its resilience against market-wide sell-offs.
If Solana manages to maintain its current support, it could strengthen investor faith and pave the way for increased valuations, with the next significant hurdle being the $165 price point – a past resistance level.
As an analyst, I believe that if we manage to surmount this significant resistance level, the ongoing bullish trend for Solana might persist. Conquering this hurdle would likely elicit heightened buyer interest, leading to a price escalation. At this juncture, our actions are pivotal; should Solana successfully advance beyond this stage, we may witness unabated progression, or if it falters momentarily, we could experience a temporary correction.
Keep a close watch at the final hurdle of $185 for Solana. This significant resistance level has proven to be challenging for the cryptocurrency to surmount in the past. Should it manage to breach this threshold, new record highs could ensue, potentially attracting substantial institutional interest. As the market buzzes with excitement and traders seek to capitalize on the momentum, a successful breakout above this psychological marker could yield swifter profits.
Bitcoin‘s hidden pattern
The cup and handle formation is typically identifiable in financial charts, but its slanted variation can pose a challenge. For Bitcoin, this could potentially apply. Should this pattern unfold favorably, the cryptocurrency’s value may soar to significant heights.
The “cup and handle” pattern is a bullish sign in stock market trends, signaling a period of accumulation before a significant price increase. This pattern is formed when the price makes a gradual ascent, creating a rounded bottom that resembles the base of a cup. After this rise, the price pulls back slightly to form the handle, which may exhibit a brief pause or a small decline. Eventually, the price breaks out of this consolidation phase and advances to new highs.
A slanted version of this pattern is apparent in the present Bitcoin chart. This could potentially develop into the “cup” part, as the latest uptrend has shaped a rounded base. If Bitcoin continues to stabilize and creates the “handle,” a major surge could follow. The $66,000 mark holds importance as it represents the upper limit of this potential cup shape.
Reaching a new high above the $58,000 mark would signal a powerful bullish trend and verify the authenticity of the cup and handle pattern in Bitcoin’s price chart. The $58,000 threshold serves as a robust support level on the downside. Maintaining this support is crucial to preserving the structural integrity of the cup formation. If the anticipated pattern unfolds, Bitcoin could potentially surge up to $70,000. This target derives from the total depth of the cup added to the breakout price point.
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2024-07-20 03:47