Shiba Inu (SHIB) coin holders, instrumental in the meme coin’s recent recovery, are driving the potential for another rally. Over the past three days, a significant number of SHIB tokens have been moved off exchanges, signaling strong activity.

With this in place, SHIB’s price might climb above $0.000025. But do other metrics align with the bias?

Shiba Inu Investors Continue to HODL

On November 23, Glassnode data showed an increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token’s price drop to $0.000024. However, over the last three days, Shiba Inu coin holders have taken a cumulative 5.45 trillion tokens off exchanges.

At the cryptocurrency’s current price, this is worth about $162 million. Typically, when more tokens enter exchanges, it means that most holders are willing to sell, which could negatively affect the price.

Since most Shiba Inu coin holders move their assets off these platforms, they do not plan to let go in the short term. If sustained, then SHIB’s price could climb higher soon.

Besides that, data from IntoTheBlock shows that several short-term SHIB holders have refrained from selling the token within the last 30 days. This data is according to the Balance by Time Held.

When the metric increases, it implies that most holders still have a chunk of the asset in their possession. On the other hand, a decline implies that most are selling, which is bearish for the cryptocurrency. 

Therefore, if these short-term Shiba Inu holders maintain their position, then the token’s value might not experience a significant drawdown.

SHIB Price Prediction: Token Forms Bull Flag

On the daily chart, SHIB’s price has formed a bull flag on the daily chart. A “bull flag” is a technical chart pattern that indicates a potential continuation of an uptrend. It begins with a sharp price surge (the “flagpole”) followed by a brief consolidation in a tight range (the “flag”). 

This pattern resembles a flag on a pole and suggests that once the consolidation phase ends, the price is likely to break out. As seen below, SHIB’s price seems to be following this pattern. Thus, if buying pressure increases, the token’s value could surge to $0.000030.

In a highly bullish scenario, the crypto’s value could rise to $0.000032. On the flip side, if Shiba Inu coin holders decided to move more tokens into exchanges, this trend might change. Should that be the case, the meme coin could drop to $0.000020.

BONK is facing mounting bearish pressure as technical indicators signal growing weakness in the market. After a brief attempt to stabilize, the token appears to be losing momentum dropping again toward the $0.00004002 for another test, with key metrics pointing to further downside. As BONK navigates these challenging conditions, speculations are on whether the meme coin can reclaim its footing or if deeper losses are inevitable. 

This analysis dives into BONK’s current market performance under bearish conditions, highlighting the technical indicators that signal potential weakness. Furthermore, we will assess the likelihood of a recovery or a continuation of BONK’s downward trajectory by analyzing critical support levels, market trends, and the broader outlook, 

Technical Indicators Signal Growing Weakness For BONK

On the 4-hour chart, BONK exhibits negative sentiment, trading below the 100-day Simple Moving Average (SMA) as it trends downward toward the $0.00004002 support level. A continued descent to this support suggests that selling pressure is intensifying, and if the support fails to hold, the asset could experience more declines.

Also, an analysis of the 4-hour chart reveals that the Relative Strength Index (RSI) has now declined to the 44% level following a previous attempt to rally, which peaked at 49% before losing strength. A declining RSI, particularly as it remains below the neutral 50% level, indicates that bearish momentum is building. If the RSI continues to dip, it could further validate the downtrend, potentially leading to more significant price drops as selling pressure intensifies.

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On the daily chart, the meme coin displays notable downward movement, highlighted by a bearish candlestick with a strong rejection wick that has emerged after a failed recovery attempt. The inability to sustain an upside direction implies a lack of buyer confidence and a prevailing negative sentiment in the market. As BONK aims at the $0.00004002 support level, the pressure from sellers could intensify, raising concerns about the possibility of a breakdown.

Finally, the 1-day RSI shows increasing negative pressure on the cryptocurrency, with the signal line dropping sharply from the overbought zone to 56%. This decline marks a shift in momentum, indicating that buying strength is weakening and selling pressure is rising. Should the RSI continue to fall, it could signal sustained pessimistic sentiment and declines for BONK.

Bounce Back Or Further Decline?

Two potential scenarios are likely as BONK faces bearish pressure: a bounce back or further decline. If the meme coin can hold the critical $0.00004002 support level and attract renewed buying interest, it could spark a recovery, possibly reversing the current downtrend and pushing the price to the $0.00006247 resistance range and beyond.

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However, if selling pressure persists and BONK fails to sustain the $0.00004002 support level, a deeper decline may follow, with the price potentially dropping to lower support zones, including $0.00002962, $0.00002320, and below.

Featured image from X, chart from Tradingview.com

Leading altcoin Ethereum (ETH) has experienced a notable price surge over the past 24 hours, breaking the $3,600 mark. As of this writing, ETH exchanges hands at $3,613, a level it last traded at in June. 

This rebound has been fueled by a massive trading volume exceeding $43 billion in the past 24 hours. This hints at a sustained rally toward the psychological $4,000 price mark.

Ethereum Price Surge Hints at Altcoin Season

ETH’s trading volume has totaled $43 billion over the past 24 hours. This surge in trading activity has propelled the coin’s value to a price last observed five months ago.

When an asset’s trading volume climbs alongside its price, it indicates strong market interest and confidence in the upward movement. This combination suggests that the price rally is backed by significant buying activity, making it more sustainable.

Therefore, ETH’s high trading volume reflects the uptick in market demand and broad participation. This reduces the likelihood of a sudden reversal.

Further, Ethereum’s recent surge suggests a potential shift toward the altcoin season. According to Blockchain Center’s Altcoin Season Index (ASI), the score now stands at 61 out of 100, nearing the 75-point threshold to signal the commencement of the highly-anticipated time.

Notably, some profit-taking activity is already underway due to this price surge. This is reflected in the coin’s positive exchange netflow volume. On Wednesday, 54,974 ETH valued above $199 million were sent to exchanges. 

The exchange netflow volume metric measures the difference between inflows into and outflows from exchanges over a specific period. When an asset’s netflow is positive, more coins are moving into exchanges than leaving, often signaling potential selling pressure as traders prepare to sell.

This increase in supply on exchanges can weigh on the price if demand does not match the heightened availability.

ETH Price Prediction: Rally Toward Year-To-Date High

Despite this, the overall bullish sentiment in the Ethereum market remains strong, suggesting that the uptrend may persist. The setup of ETH’s Parabolic Stop and Reverse (SAR) indicator, as assessed on a daily chart, confirms this bullish outlook.

This indicator identifies potential trend reversals and provides dynamic support and resistance levels. It places dots above or below the price chart: dots below the price suggest a bullish trend, while the dots above indicate a bearish trend. 

As in ETH’s case, when the SAR rests below the price, it signals upward momentum and suggests a bullish trend. If the bullish trend persists, the ETH coin price may breach resistance at $3,669 and climb toward its year-to-date high of $4,093.

On the other hand, a decline in bullish pressure will occasion the ETH coin price to fall toward support formed at $3,336.