As a crypto investor with some experience under my belt, I’ve seen my fair share of ups and downs in the crypto market. Last week, the Shiba Inu (SHIB) coin didn’t bring any positive news to my portfolio as it dropped by approximately 15%, trading around the $0.000017 level at press time. The recent drop below $0.00002 is a concerning sign, but I remain hopeful that bulls may still recover and maintain above $0.000019 to avoid further selling pressure.
During the week of June 17-23, Shiba Inu experienced no favorable outcomes. The dog-themed meme coin saw a significant decrease in value, amounting to approximately 15%. Currently, SHIB is being traded at roughly $0.000017.
The current dip of Shiba Inu below the $0.00002 mark could indicate a possible continuation of the downtrend. However, there’s still a chance for buyers to step in and reverse the trend. It’s essential for Shiba Inu to hold above the support level at $0.000019 to prevent additional selling pressure.
During this period, hitting $0.000022 or $0.000023 marks could serve as a sign of regained bullish energy and potentially draw in additional investors.
On-chain data
The majority of on-chain data indicates bearish trends. In contrast, some specific indicators exhibit optimistic signs. For instance, there’s been a noteworthy 5.49% rise in Large Transactions.
As an analyst, I’ve analyzed the current market situation of Shiba Inu (SHIB) and found that approximately fifty-two percent of its holders were generating profits at the present price. This figure indicates a generally optimistic stance from investors towards the cryptocurrency. However, it is important to note that forty-six percent of SHIB holders are currently out of pocket, which represents a significant challenge for Shiba Inu as a project.
Technical analysis
The MACD indicator exhibits small deviations around the zero mark, signaling weak momentum movement. Lately, there’s been a slight upward crossover of the MACD lines, surpassing the signal line, hinting at a budding bullish trend.
Although the Simple Moving Average (SMA) at 0.00001860 implies significant selling activity, the RSI figure of 27 indicates potential for a rebound in SHIB‘s price trend this week.
As a researcher, I’ve noticed that last week, the TD Sequential chart signaled a buy opportunity for Shiba Inu. This indication suggests that the cryptocurrency may experience positive price action in the near future.
Burn rate on rise again
Over the last 24 hours, there has been a substantial 530% surge in the Shiba Inu’s burn rate – a significant metric for this cryptocurrency. A similar increase of 530% was observed just a week ago, resulting in approximately 37 million meme coins being moved to non-spendable blockchain addresses.
As a researcher, I’ve noticed an astonishing increase of 2,682% in Shiba Inu (SHIB)’s daily burn rate on last Saturday. Currently, the token is hovering around the significant trading range of 416 trillion SHIB.
As a researcher examining data from IntoTheBlock, I found that approximately 416.38 trillion SHIB tokens were acquired by around 19,120 unique addresses within the price range of $0.000017 to $0.000018. The average transaction price for these purchases was set at $0.000018.
Watching BTC and ETH
The behavior of prominent cryptocurrencies such as Bitcoin and Ethereum significantly impacts the larger crypto market. When these front-runners exhibit instability or negative tendencies, it can be difficult for lesser-known coins like SHIB to generate interest and growth.
The SHIB/BTC correlation has reached 0.84, while the correlation with ETH is at 0.94.
As a researcher studying the cryptocurrency market, I’ve noticed a significant drop in Bitcoin’s price over the weekend. For the first time in months, it dipped below the $63,000 threshold. Some industry experts believe this decline might be attributed to a short-term sell-off influenced by the German government.
I have uncovered some intriguing information as an analyst. Based on my findings from Arkham’s research, a wallet associated with the German government moved 6,500 Bitcoins, equivalent to around $425 million at that time, to cryptocurrency exchanges on June 19th. The value of Bitcoin continued to plummet on that Sunday, hinting that this sell-off might be attributed to underlying fundamentals rather than market sentiment. In other words, the German government’s actions could have significantly influenced the price decline.
Recent Transaction Update: Within the last 2 hours, the German Government transferred approximately $65 million in Bitcoin to two potential exchange wallets, namely Coinbase. Yesterday, they moved over $600 million in Bitcoin and distributed around $130 million to four suspected exchange wallets.
— Arkham (@ArkhamIntel) June 20, 2024
It’s possible that the volatility in stock markets stems from investor apprehensions regarding Bitcoin and Ethereum being considered high-risk assets.
Regardless of whether Bitcoin’s price recovers this week or not, it is likely that Shiba Inu (SHIB) and other popular meme coins will align with the overall market trend.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- TAO PREDICTION. TAO cryptocurrency
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
- Dogecoin (DOGE) on Rise? All You Need to Know This Week
- Terraform Labs Reveals Key Update On Crypto Loss Claims Voting
- Joe Biden Successor: Is Hilary Clinton Donald Trump’s Opponent?
2024-06-24 11:16