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Shiba Inu Price Rallies 36%, Forms Golden Cross; What’s Next?

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Shiba Inu (SHIB) has recently experienced a strong breakout, pushing its price to a five-month high. This 36% rally has invigorated bullish momentum for the popular meme coin, though the possibility of a correction from profit-taking investors remains a potential risk. 

The rally has brought renewed optimism to SHIB’s community, but sustainability is key to determining its next moves.

Shiba Inu Sees Bullishness

Shiba Inu price’s 36% rise over the last 24 hours has led to a bullish “Golden Cross” pattern. The 50-day EMA (Exponential Moving Average) crossed above the 200-day EMA, reversing the effects of the “Death Cross” seen three months ago. This pattern has historically marked a turnaround, ending SHIB’s recent struggles and hinting at further growth potential for the meme coin.

The Golden Cross is a critical technical signal, as it often attracts new investor interest and reinforces existing bullish sentiment. If this momentum holds, Shiba Inu could sustain its uptrend. However, the meme coin will need strong support from market participants to navigate potential profit-taking pressures, as well as resistance at key price levels.

Shiba Inu Golden Cross
Shiba Inu Golden Cross. Source: TradingView

On a broader scale, Shiba Inu’s macro momentum reflects some caution. The current distribution of active addresses reveals that approximately 30% of SHIB holders are in profit.

These investors are often more inclined to sell, which could impact the coin’s price if significant selling pressure emerges. This profit-taking tendency may pose a challenge to SHIB’s recent bullish trend and limit its ability to maintain its rally.

While a bullish trend has been established, sustained growth for Shiba Inu depends on broader investor confidence and the ability of long-term holders to hold their positions. If selling begins to outweigh buying pressure, the meme coin could face a setback, especially as it approaches resistance levels.

Shiba Inu Active Addresses by Profitability
Shiba Inu Active Addresses by Profitability. Source: IntoTheBlock

SHIB Price Prediction: Struggle Ahead

Currently trading at $0.00002583, Shiba Inu’s recent price action reflects broader market optimism. The meme coin is now eyeing a move toward $0.00002976, a critical resistance level. Should SHIB manage to flip this resistance, it could reach $0.00003000, a psychologically significant price target that would further bolster its position.

However, the $0.00002976 level has historically been a challenging barrier, tested multiple times in the past without a successful breakthrough. If SHIB encounters resistance at this point again, it may retrace to $0.00002267, erasing some of the recent gains. This pullback would serve as a test of the coin’s resilience and investor sentiment.

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

A further decline beyond $0.00002267 could invalidate the current bullish outlook, leading to additional losses. Such a shift would mark a potential end to the rally, prompting caution among investors and possibly resulting in a return to lower trading levels for Shiba Inu.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Whales Fail to Drive Price to $3,500, Drawdown Likely

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Ethereum’s recent price movement has shown a decline following a rally, even after ETH Whales made a comeback and Bitcoin reached a new all-time high. 

While ETH had gained momentum alongside the broader market surge, this recent drop could hinder a significant shift in Ethereum’s price trajectory, raising questions about its short-term outlook.

Ethereum Whales Aren’t Strong Enough

Ethereum whale activity has spiked, with transaction volume reaching over $13.8 billion, a three-month high. This uptick signals renewed interest from large wallet holders, a group that significantly influences ETH’s price trends. Such whale participation often leads to short-term surges in Ethereum’s value, as witnessed in the recent rally.

Despite the whale-driven increase, Ethereum’s price has faced resistance in maintaining its peak. This pattern reflects a mix of enthusiasm and caution among investors, as the heightened whale activity has yet to propel ETH past critical levels. The surge in whale activity may contribute to Ethereum’s ongoing resilience, but it also reveals the volatility inherent in the current market sentiment.

Ethereum Whale Transaction Volume.
Ethereum Whale Transaction Volume. Source: IntoTheBlock

On the macro side, Ethereum’s momentum is being tested as its EMAs (Exponential Moving Averages) inch closer to forming a Golden Cross. The 50-day EMA nearing a crossover with the 200-day EMA would confirm a Golden Cross, traditionally a bullish signal. However, ETH’s recent price dip may delay this bullish indicator.

The Golden Cross remains a crucial marker for Ethereum’s potential upward momentum, as a successful formation would validate a more sustained uptrend. Until then, the delay may result in more cautious trading as investors await clearer signals that the altcoin’s current trend can turn positive.

Ethereum EMAs
Ethereum EMAs. Source: TradingView

ETH Price Prediction: Finding Support

Last week, Ethereum’s price surged by 39%, pushing it above $3,327. Despite this gain, ETH failed to secure $3,327 as a support level, leading to a 6% drop over the last 72 hours. This downturn has pulled Ethereum further from the critical $3,524 resistance.

If the current decline continues, ETH could test the support level at $2,930. This could act as a buffer but might also signal additional downward movement if breached. 

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

However, a reversal fueled by Bitcoin’s ongoing strength could help ETH regain momentum toward $3,327. Turning this level into support would invalidate the bearish outlook and position Ethereum to target $3,524 as the next milestone.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Will the Altcoin Season Cycle Begin Soon? Analyst Weighs In

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Crypto analyst Miles Deutscher has pointed to a promising technical setup in TOTAL3, fueling speculation that the altcoin season cycle may close. The analyst comments come as the broader crypto market sees a notable bounce, with Bitcoin (BTC) briefly crossing $93,000 and several altcoins showing strong gains.

But how soon could altcoin season actually arrive? This analysis delves into other factors that could either ignite or delay the anticipated rally.

Altcoin Season on Standby, Analyst Says

For context, TOTAL3 is the entire market capitalization of the top 125 cryptocurrencies excluding BTC and Ethereum (ETH). Historically, when this metric rises, it indicates that altcoin season could be on the horizon as long as Bitcoin dominance drops.

Deutscher’s post on X (formerly Twitter) showed the TOTAL3 monthly chart, indicating that it had formed strong support. The post also revealed that the recent rise in altcoin prices has taken the market cap above notable resistance.

“TOTAL3 (altcoin index) monthly chart. Setup looks fantastic, honestly.” Deutscher wrote on X.

TOTAL market cap of altcoins
TOTAL3 Monthly Analysis. Source: X/Twitter

While the analyst’s opinion might be valid, one obstacle that could hinder the altcoin season cycle is Bitcoin’s dominance. Bitcoin dominance refers to the ratio of BTC’s market capitalization compared to the total market capitalization of the entire cryptocurrency market.

As of this writing, the BTC.D, as it is popularly known, is 61.33%. This indicates that the number one cryptocurrency still has a strong hold on the market. For alt season to commence, this ratio has to drop, which Deutscher himself admitted on November 12.

Bitcoin dominance rises
Bitcoin Dominance. Source: TradingView

“Bitcoin dominance keeps grinding higher. Only when BTC dominance breaks down can a true alt season ignite.” The analyst emphasized.

Altcoins Surge Could Be Delayed Until BTC Drops

Currently, Blockchaincenter’s altcoin season index, which measures whether the market is in an alt season, has dropped one place to 29. About one week ago, the reading was 30. For confirmation, at least 75% of the top 50 cryptos need to outperform BTC.

Despite this uptick, the index remains well below the 75 threshold, as only 16 of the top cryptocurrencies have outpaced Bitcoin over the past 90 days.

Altcoin season index declines
Altcoin Season Index. Source: Blockchaincenter

Should that remain the case, then Bitcoin’s price might climb to a higher value before most altcoins hit new highs. However, if BTC experiences a double-digit correction, this could give way for alts to thrive.  If that happens, then alt season can officially begin.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why the Aptos Token Price May Struggle to Recover

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Yesterday, the world’s largest asset manager, Blackrock, disclosed that it had expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT). This development sparked speculation that the Aptos token price could gain from it.

Initially, APT price climbed to $12.60. But as of this writing, the altcoin has dropped by 6.33%, suggesting that the integration with Blackrock is not enough to keep the price going high.

Aptos Falters Moments After Bullish Announcement

Blackrock’s announcement, which BeInCrypto reported earlier, coincided with the broader market rally, as the Aptos token price had increased by 21%. However, our finding shows that the drop in Open Interest (OI) was one reason that APT failed to hold on to the $12 mark. 

According to Santiment, APT’s OI attempted to approach $200 million on Wednesday, November 13. But it did not and has now dropped to $105.37 million.  Open Interest refers to the total number of active contracts in the futures market that have not yet been settled.

An increase in OI indicates more participants are entering the market, potentially strengthening the current trend. Conversely, a decrease in the metric may suggest that the trend is losing momentum.

Aptos open interest
Aptos Open Interest. Source: Santiment

Therefore, with the metric declining in Aptos’s case, there is a chance that the altcoin’s price might continue to decrease. Additionally, the Chaikin Money Flow (CMF) indicator suggests that Aptos’ price may face challenges in staging a rebound.

For context, the CMF is an indicator developed to track the accumulation and distribution of an asset over a specific period. It ranges from -1 to +1. When the reading rises, it means that accumulation is ongoing, and the price can increase.

However, in APT’s situation, the reading has dropped, suggesting that selling pressure has begun to outpace buying pressure. Should this remain the same, Aptos’ price could slide lower than $11.69.

Aptos token price selling pressure
Aptos Chaikin Money Flow. Source: TradingView

APT Price Prediction: Sub-$10 Likely

On the daily chart, Aptos faces resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. Given the decline in trading volume, the price of Aptos could continue to slide, and bulls may struggle to maintain support at this level.

This is largely because low trading volume indicates a drop in market interest. As such, it could be challenging for buying pressure to increase. If this is the case, then APT’s price might drop to $9.85.

Aptos price analysis
Aptos Daily Analysis. Source: TradingView

On the other hand, an increase in buying pressure could invalidate that prediction. Thus, if the accumulation of APT rises, the price might bounce toward $14.13.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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