As a seasoned financial analyst with extensive experience in the cryptocurrency market, I’ve witnessed numerous trends and patterns over the years. The recent sell-off of Shiba Inu (SHIB) and the emergence of a death cross is an all-too-familiar sight. This bearish technical pattern has signaled further declines for SHIB in the past, and given the current market conditions, it’s likely that we might see more losses.
The cost of the cryptocurrency represented by the Shiba Inu dog logo, SHIB, is experiencing a significant drop in value. This downturn has become evident with the formation of a death cross on its chart – a bearish indicator that typically forebodes additional price decreases.
When the short-term moving average of Shiba Inu’s price drops below its longer-term moving average, this event is referred to as a “death cross.” This occurrence is believed to indicate bearish sentiment and potential downtrend in the asset’s price.
During the ongoing market slump, Shiba Inu could be set for its third straight day of price drops. The latest decrease, amounting to over 10%, signifies the largest one-day fall in this losing streak. This significant decline has been amplified by the aftermath of the WazirX exploit, which has shaken investor trust throughout the cryptocurrency sector.
Unauthorized access to the security system resulted in the theft of approximately $230 million in cryptocurrencies, among which was a substantial quantity of SHIB. Consequently, there’s been heightened demand to sell SHIB as the pilfered tokens are being offloaded into the marketplace.
Based on information from Lookonchain, the individual responsible for the WazirX exploit has initiated selling off SHIB tokens. They have managed to cash out approximately 35 billion SHIB, which is equivalent to around $618,000. Currently, they possess a total of 5.4 trillion SHIB, valued at roughly $95.45 million.
On-chain data hints at SHIB‘s potential rebound
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend in the data for Shiba Inu (SHIB). Although the broader market sentiment is currently bearish, the on-chain information indicates that SHIB could be poised for a comeback. Specifically, SHIB rests on a significant support level, where a sizable quantity of this cryptocurrency has been amassed by numerous Shiba Inu holders.
Based on IntoTheBlock’s data analysis, the SHIB cryptocurrency has a significant buying history in the price range of $0.000008 to $0.0014. Approximately 370,520 addresses have purchased around 156 trillion SHIB at an average price of $0.00001. As these buyers had previously shown support in this area, it’s likely that they will do so again, potentially leading to increased buying activity near this price range.
In the present market price band of SHIB, a substantial amount of SHIB, equating to 107.24 trillion tokens, was recently purchased at prices between $0.000014 and $0.000018. This acquisition increases the likelihood that bulls will take active measures to protect this price range, potentially preventing any further drops beneath $0.000014.
Currently, SHIB has experienced a decrease of 11.60% over the past 24 hours, bringing its price down to $0.000017 at the time I’m writing this. Based on on-chain analysis, Shiba Inu encounters its next significant resistance level between $0.000018 and $0.00002. Approximately 34,690 wallets hold a total of 423.96 trillion SHIB within this price range.
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2024-07-18 17:30