As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The current state of Shiba Inu (SHIB) is reminiscent of a rollercoaster that’s stuck at the top of a hill, unable to decide whether to plunge down or continue its ascent.
Over the last few weeks, I’ve noticed that the price action of Shiba Inu (SHIB) has remained relatively stagnant, struggling to break free from a standstill. Despite several attempts to surge beyond its current trading range, SHIB hasn’t managed to generate substantial momentum, leaving both investors and traders on edge.
Based on a review of current market conditions and blockchain data, it appears that SHIB‘s price is currently confined within a narrow trading band, hovering around $0.0000134. The 200-day and 100-day exponential moving averages (EMAs) align with potential resistance levels at $0.00001813 and $0.00001597, respectively, making these points crucial to monitor for future price movements.
If Shiba Inu (SHIB) manages to surge past these current levels, it could signal the start of a stronger upward momentum, ending the ongoing phase of little or no growth. The support at $0.00001200 remains vital on the downside. A drop below this level might push SHIB into a more significant downturn, potentially leading to further declines.
As a researcher, I find myself concerned that the current stalemate could persist longer, which is particularly troubling for those anticipating a bullish turnaround, specifically in SHIB. On-chain indicators suggest a deficiency of substantial buying interest, aligning with the ambiguous market sentiment. Given this caution and the need for a clear directional shift before making new investments, trading volume has remained comparatively low.
Bitcoin can’t break through
On the chart, the 50-day exponential moving average currently stands at around $61,000, serving as a notable barrier for Bitcoin. Four consecutive times, Bitcoin has unsuccessfully tried to surpass this level, hinting that the resistance might be stronger than initially perceived. For traders and investors, the inability to rise above $61,000 could suggest a potential period of stagnation in Bitcoin’s price, which may cause concern.
As a researcher, I often analyze the 50 Exponential Moving Average (EMA) in Bitcoin’s price action. When the price struggles to surpass this level, it suggests a potential weakening in its upward momentum. This could mean Bitcoin may find itself confined within a narrow trading range and lacking the necessary momentum for further upward movement. The broader market conditions are exacerbating this situation, as there seems to be an increasing complexity and unpredictability emerging.
In the market, a weak buyer demand and reduced transaction activity could be the cause behind the struggle to surpass this resistance level.
Ethereum clearly underutilized
Lower transaction fees on Ethereum have plunged to their cheapest level in half a decade, potentially signaling a potential fundamental shift or crisis for the platform. The robustness of the wider market and the economy of the network could be drastically altered due to this significant decrease in transaction costs.
Based on the given graphs, the amount of Ether (ETH) in circulation increased by approximately 58,292 units over the past 30 days. This represents an annual issuance rate of around 939,000 ETH. However, it’s worth noting that the burn rate, essential for maintaining scarcity, has decreased to about 229,000 ETH per year. Consequently, Ethereum’s value proposition, which emphasizes deflation since transitioning to Ethereum 2, might be somewhat compromised due to this net annual supply growth of 0.59%.
Users may enjoy quick transactions due to reduced costs initially, but the long-term consequences might involve decreased motivation among validators and potential reductions in network safety and resilience. If fees are not generated frequently enough, the remuneration structure for validators becomes less attractive, which could lead to a decrease in participation within the network. In a proof-of-stake system where incentives for validators play a crucial role in maintaining network security, this scenario is cause for concern as it might weaken the overall stability of the network.
If the current trend persists in Ethereum, it could pose a threat to its core value aspects like network security and scarcity, potentially leading to an extended phase of stagnation or even a downward trend. To prevent Ethereum’s market influence from weakening further, it is essential to address the ongoing decrease in transaction fees and burn rate.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- TWT PREDICTION. TWT cryptocurrency
2024-08-17 03:52