Shiba Inu (SHIB): Things Are Getting Ugly, $1 Billion Ethereum (ETH) ETF Launch Doesn’t Help, Toncoin (TON) Can’t Drop Below $6.60

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As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market fluctuations and price movements. The current state of Shiba Inu (SHIB) is particularly concerning, as its failure to break above the 200 Exponential Moving Average (EMA) resistance level at $0.000018 has left it vulnerable to further downturns.

The resistance level of the 200 Exponential Moving Average (EMA) has prevented Shiba Inu from advancing, resulting in its current struggle. If Shiba Inu fails to build sufficient energy, it’s likely that it will drop below significant moving averages and potentially fall below $0.000017. At present, SHIB is priced at $0.00001721, and the inability to surpass the 200 EMA is a clear warning sign for bears.

If a stock continues to struggle and fails to surpass a certain level, this could signify weak buying demand as it has previously acted as a robust resistance. The descending trajectory of the blue 50 Exponential Moving Average (EMA) and the orange 100 EMA implies that investor sentiment remains bearish in both the short-term and medium-term perspectives.

Shiba Inu (SHIB): Things Are Getting Ugly, $1 Billion Ethereum (ETH) ETF Launch Doesn't Help, Toncoin (TON) Can't Drop Below $6.60

Shibuyanoinu (SHIB) has been struggling to gain traction above its 26-day Exponential Moving Average (EMA), as shown in its recent price trends. This lack of support underlines the bearish outlook for the token. The next significant level of support lies around $0.000016, should SHIB continue to decline and breach essential moving averages. In such a scenario, further losses may ensue.

When the RSI indicator hovers around 46, which is beneath the neutral 50 mark, it’s clear that sellers are exerting greater influence than buyers. This observation strengthens the hypothesis of a short-term downturn for SHIB.

Ethereum ETFs enter market

Following the triumphant debut of Bitcoin ETFs, the much-awaited introduction of Ethereum ETFs was one of the most significant events of the year. This launch proved to be highly successful, drawing substantial investment from institutional players. However, despite these positive developments, there was a nearly bearish effect on the price.

As a researcher studying Ethereum’s market trends, I was initially thrilled by the significant trading volume of over $1.1 billion during the first few days and the resulting buzz in the cryptocurrency community. However, I was surprised to find that Ethereum’s price did not follow suit with this excitement. The net inflow of approximately $106 million, along with impressive figures from new Ethereum-focused ETFs like Bitwise’s ETHW ($204 million) and BlackRock’s ETHA ($266 million), indicated a strong investor interest in Ethereum despite its price remaining unchanged.

The unexpected surge in price could be attributed to several reasons. Initially, the widespread anticipation and hype surrounding the Ethereum ETF launch might have led to a buy-before-it’s-gone, sell-afterward response from investors.

After the ETF went live on the market, investors who had accumulated Ethereum in preparation for the launch could have cashed in their stashes to reap profits. On the other hand, while the arrival of the ETF piqued the interest of institutional investors, it also highlighted the lack of fresh retail investors entering the market.

Toncoin under pressure

The bullish outlook for Toncoin seems to be fading as the token slides beneath the $7 mark and nears the significant support of $6, reinforced by the 100 EMA. So far, Toncoin has struggled to maintain its upbeat trajectory, currently trading around $6.20. The buying interest is waning, evident in the recent dip below the psychologically significant $7 price point.

The importance of the $6.60 level for the stock, given its proximity to the orange 100-day moving average (EMA), makes it a significant support point. A breach of this level could potentially signal further price declines. The negative outlook is further strengthened by the bearish positions of the 200 EMA and 50 EMA.

As a researcher examining Toncoin’s price action, I notice that the Relative Strength Index (RSI) indicator hovers around the neutral 50 level, signaling a slight bias towards buyers. Specifically, the RSI is presently reading 43. This observation adds weight to the short-term bearish viewpoint regarding Toncoin. However, given the unfavorable technical indicators, it remains plausible that Toncoin may experience further decline.

Keep a close watch on the crucial $6.60 support area reinforced by the 100 Exponential Moving Average for Toncoin. A potential recovery and regain of bullish momentum could occur if the asset manages to remain above this level. However, a breakdown below this support may lead to further price declines towards the next significant support around $5.20.

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2024-07-25 03:55