Market
Shiba Inu (SHIB) Price Halts With Surge in Exchange Deposits
In this analysis, we delve into Shiba Inu’s (SHIB) recent price action, examining key technical indicators and market signals across daily and four-hour timeframes.
Our focus includes the role of the Ichimoku cloud, the significance of the Tenkan-sen plateaus, and recent trends in exchange depositing addresses to provide a comprehensive outlook for SHIB.
Daily and Four-Hour Timeframe Analysis
Let’s delve into Shiba Inu (SHIB) ‘s price action on the daily and four-hour timeframes. Currently, SHIB is trading at $0.00002393. Notably, the price has failed to enter the daily Ichimoku cloud on the upside, which is a major support level.
The price is now approaching a mid-term support level, represented by the red Tenkan-sen plateau on the chart. The 100 EMA (Exponential Moving Average) on the daily timeframe serves as a crucial mid-term support level for SHIB’s price.
The Tenkan-sen, or conversion line, is a key part of the Ichimoku system in technical analysis. It shows the average of the highest and lowest prices over the past nine periods, giving a short-term view of price trends.
Importance of Tenkan-Sen Plateaus
- Plateau Formation: When the Tenkan-sen flattens, it indicates a balance between buyers and sellers, creating important market levels.
- Support: If the price is above a Tenkan-sen plateau and falls, the plateau can act as a support level, where buyers are likely to step in.
- Resistance: If the price is below a Tenkan-sen plateau and rises, the plateau can act as a resistance level, where sellers are likely to step in.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Zooming into the four-hour timeframe, we see a similar pattern. The price attempts to break below the Ichimoku cloud, which could accelerate the downward movement. If it tests this level, the lower boundary of the cloud will act as a critical support level to watch.
Additionally, the price has broken below the 100 EMA in the four-hour timeframe, which is also a bearish signal.
These combined signals highlight the importance of this zone as a resistance area. A break above this zone could trigger a substantial upward movement of 10% to 20%. Conversely, if the price remains below the 4H 100EMA, it could indicate a bearish continuation, potentially driving the price down to $0.00002000.
SHIB/BTC Chart Analysis
The SHIB/BTC chart also exhibits bearish signals for Shiba Inu.
SHIB/BTC has tested the lower boundary on the daily timeframe and is now attempting to break below the 100 EMA, signaling a highly bearish outlook for SHIB.
If SHIB enters the cloud to the upside and Bitcoin’s price appreciates to $70,000, SHIB could potentially break above the $0.0000265 price range. However, if these conditions are not met, the bearish outlook for SHIB may persist.
Recent Spike in Exchange Depositing Addresses: Bearish Implications
The chart shows a significant spike in the number of exchange depositing addresses at the end of May. This sudden increase suggests that many SHIB holders transfer their tokens to exchanges.
Potential Selling Pressure: Historically, increasing depositing addresses often precedes a sell-off. When holders move their tokens to exchanges, they typically liquidate their positions, creating selling pressure in the market.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Bearish Implications: The recent spike indicates that more SHIB holders might be preparing to sell their assets. This influx of sell orders can increase supply on exchanges, potentially driving the price down if the demand does not match the supply.
Strategic Recommendations
Outlook: Bearish to Neutral
The current price action suggests a bearish trend, especially with the price attempting to break below the Ichimoku cloud in the four-hour timeframe.
The recent break below the 4H 100 EMA on the four-hour chart reinforces the bearish outlook. Monitor for further declines if the price fails to hold above key support levels, particularly the lower boundary of the 4H Ichimoku cloud.
The bearish outlook could be invalidated if SHIB manages to reenter the daily Ichimoku cloud. A key level to watch is the upper boundary of the daily Ichimoku cloud at $0.000265. A break above this level could shift the outlook to neutral or even bullish.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why These Altcoins Are Trending Today — January 22
With Donald Trump assuming office as the US President, the crypto market has experienced heightened volatility. While some altcoins have surged, others have faced significant crashes, and many are gaining attention due to recent developments.
BeInCrypto has analyzed three altcoins that have been trending over the past 24 hours and explored what might lie ahead for them in the coming days.
United States Donald Trump (TRUMP)
TRUMP has captured significant attention this week as the official cryptocurrency token of US President Donald Trump. Since its launch, the token has gained immense traction and is now ranked 24th among the top 100 cryptocurrencies, marking a swift rise in prominence within the market.
The token recently hit an all-time high (ATH) of $79 and is currently trading at $41. If TRUMP can secure $45 as a support level, it may resume its upward momentum and make another attempt at its ATH, signaling strong bullish sentiment among investors.
However, profit-taking could pressure the token, preventing it from surpassing $45. A drop below this critical level could lead to a decline under $34, potentially invalidating the bullish outlook. In a worst-case scenario, TRUMP might fall to $26, reflecting a significant shift in market sentiment.
World (WLD)
World (WLD) captured investor attention following the announcement of Sam Altman’s OpenAI collaboration with Oracle and SoftBank. Together, they plan to invest $500 billion in US AI infrastructure under the Stargate Project, supported by President Trump. This strategic move has bolstered confidence in WLD, positioning it as a trending altcoin.
WLD’s price surged by 12% in the past 24 hours, driven by the positive sentiment surrounding this partnership. This rally could enable the altcoin to reclaim its 4-month-old uptrend line as support. If achieved, WLD might target $2.55 in the coming days, reinforcing its bullish momentum.
However, if WLD fails to breach the $2.17 resistance, it risks losing traction and falling back to $2.00 or lower. A further decline to $1.74 could completely invalidate the bullish outlook, signaling a potential shift in market sentiment against the cryptocurrency.
Bonk (BONK)
BONK has surged into the spotlight following the inauguration of the US Department of Government Efficiency (D.O.G.E.), which spurred renewed interest in dog-themed meme coins. This development has elevated BONK’s status in the crypto market, drawing significant attention from both retail and institutional investors seeking speculative opportunities.
The token recorded an 8% increase, trading at $0.00003236 and eyeing $0.00003151 as a critical support level. Securing this floor would strengthen the meme coin’s recovery prospects, potentially attracting more bullish momentum.
However, failure to hold the $0.00003151 support could lead to a decline toward $0.00002748. This drop would only invalidate the bullish outlook and also signal a broader loss of confidence in the token’s recovery potential.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Price Can Reach $3,500 On The Back Of These Factors
Ethereum, the second-largest cryptocurrency, recently failed to breach $3,524, triggering a sharp price drop. Since then, recovery efforts have remained weak as volatility persists.
However, the current conditions suggest Ethereum may be preparing for a comeback as the market stabilizes.
Ethereum Has Room For Recovery
Ethereum’s Network Value to Transaction (NVT) Ratio is experiencing a decline, recently hitting a monthly low. A low NVT indicates that transaction activity is balanced with network value, reflecting reduced volatility. This creates an environment conducive to price recovery, something Ethereum urgently needs to regain its footing.
With the NVT ratio signaling healthy network activity, Ethereum is positioned to stabilize in the short term. Declining volatility often fosters investor confidence, making it more likely for the cryptocurrency to see renewed buying interest. As speculative activity wanes, Ethereum has an opportunity to chart a path toward meaningful recovery.
Ethereum’s realized profits recently dropped to a six-week low, pointing to a significant reduction in selling pressure from investors. This trend highlights the market’s shifting sentiment, with fewer participants looking to offload their holdings. Such conditions could provide Ethereum with the breathing room required to capitalize on broader bullish cues.
The lack of an uptick in realized profits suggests that the selling lull may persist, allowing Ethereum to focus on building upward momentum. With investors holding onto their coins, market conditions are primed for a gradual recovery, provided external factors remain favorable.
ETH Price Prediction: Breaking The Barrier
Ethereum is currently trading near $3,300, just below the critical resistance level of $3,327. Flipping this into support is essential for ETH to initiate a rally toward $3,524, representing a 6% increase from current levels. This move would mark a partial recovery from recent losses.
Breaking through the $3,524 resistance is crucial for Ethereum’s recovery. Achieving this would erase the recent downturn and also position the altcoin for further gains, potentially targeting $3,711. Such a move would underscore Ethereum’s resilience and align with the broader market’s bullish sentiment.
However, failing to establish $3,327 as a support level could stall Ethereum’s recovery. This scenario would leave the cryptocurrency vulnerable to a retracement toward $3,200, undermining recent progress and potentially delaying its path to $3,500.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Justin Sun, Vitalik Buterin Speak Amid Ethereum Reform Debate
TRON founder Justin Sun has offered a hypothetical plan for Ethereum and the Ethereum Foundation (EF) under his leadership. His remarks come amid controversy over EF’s leadership transformation.
In a series of posts on X (formerly Twitter), Ethereum co-founder Vitalik Buterin outlined the reforms’ goals and progress. He highlighted improvements in technical expertise, ecosystem engagement, and operational efficiency.
Justin Sun Outlines Blueprint for Ethereum Leadership
The TRON executive shared ambitious remarks on how he would lead the Ethereum Foundation if given the opportunity. Sun’s vision, shared on X, outlined a four-point plan to radically restructure EF operations, optimize Ethereum’s economic model, and drive the price of ETH to $10,000.
“If EF and Ethereum were under my leadership, ETH would hit $10,000,” Sun claimed.
Sun proposed an immediate halt to ETH sales for three years to stabilize supply and boost market confidence. He suggested covering EF’s operational costs through DeFi protocols like Aave, staking yields, and stablecoin borrowing, aligning with Ethereum’s deflationary goals.
A key component of his plan involves imposing significant taxes on Layer 2 (L2) solutions, aiming to generate $5 billion annually. The collected taxes would go toward exclusively repurchasing and burning ETH, further enhancing its scarcity and value.
Sun also called for a drastic downsizing of EF staff, retaining only top performers and offering them significant salary increases. This merit-based approach, he argued, would streamline operations and improve efficiency.
Finally, Sun emphasized adjusting node rewards and increasing fee burns to reinforce Ethereum’s deflationary narrative. He proposed redirecting all resources toward Ethereum’s core L1 development, focusing on scalability, security, and adoption. Justin Sun’s plan sparked a mixed response, with some applauding the bold vision.
“These are all very practical suggestions. Please pay attention to them and refer to them, Vitalik Buterin,” core developer 0xSea.eth posed.
Meanwhile, others challenged Sun to focus on TRON and explore bringing decentralized finance (DeFi) to its ecosystem.
“Maybe start with how to make DeFi great on TRON – you should ask your exec team (and yourself), “Why is DeFi nonexistent on TRON despite it being the chain with the most stable coins on it?” If you answer this, maybe TRON can beat eth one day,” ZIGChain co-founder Abdul Rafay Gadit remarked.
Vitalik Buterin Defends Leadership Amid Criticism
Sun’s proposed solution aligns with Vitalik Buterin’s recent post discussing ongoing changes over the past year, some of which have already been implemented. Buterin emphasized goals such as strengthening the EF’s technical leadership and improving collaboration with ecosystem participants. He also addressed concerns, rejecting the notion that the EF might adopt centralized or politically motivated roles.
“…these things aren’t what EF does and this isn’t going to change. People seeking a different vision are welcome to start their orgs,” Buterin articulated.
Aya Miyaguchi, an EF executive, confirmed the ongoing efforts, expressing excitement about forthcoming announcements. She noted that the reforms aim to solidify Ethereum’s position as a global neutral platform while embracing decentralized and privacy-preserving technologies.
The announcement has stirred controversy within the crypto community. Critics argue that the current leadership has failed to manage Ethereum effectively.
“Respectfully, just let new blood take over. You guys can’t even make a simple Twitter account work—how can you be trusted to lead the second biggest blockchain,” Wazz posed.
Another user, Coinmamba, suggested that pressuring Miyaguchi to resign could result in Ethereum reaching new all-time high. Buterin strongly condemned these comments, defending Miyaguchi and calling out the toxicity of such social media rhetoric.
“No. This is not how this game works,” Buterin retorted. “The person deciding the new EF leadership team is me. If you ‘keep the pressure on,’ then you are creating an environment that is actively toxic to top talent. YOU ARE MAKING MY JOB HARDER,” the Ethereum co-founder lamented.
Buterin also refuted specific claims against Miyaguchi, pointing out inaccuracies in translations and misinterpretations of her statements. He reiterated the need for a “proper board” within EF to enhance governance.
Ethereum’s ETH token was trading at $3,305 as of this writing, representing a modest 0.2% surge since Wednesday’s session opened.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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