Bitcoin BTC and Shiba Inu Coin Might End the Day in Profit, As Cryptos Try to Reverse
Skerdian Meta • 2 min read
The decline in cryptocurrencies continues and BITCOIN was in big trouble earlier today, as it plunged below $30,000 and the break was looking sustainable. BTC’s H4 timeframe chart was an awful-looking chart and there wasn’t much comfort until $20,000.
So, cryptocurrencies are in a bit of turmoil this week following Terra’s stablecoin UST collapse, a token that was supposed to be pegged to the US dollar. Its sister token, LUNA, also saw a staggering collapse of 96% this week, losing $25 billion in market capitalization.
The crash has devastated much of the confidence protocols in the cryptocurrency space and we’re seeing broader spillovers across the market. Adding to the drama is that Terra backers are reportedly struggling to win investor support for a rescue to try and bolster prices after the crash from its US dollar peg.
Going back to Bitcoin above, the $30,000 level has been a rather key level technically and psychologically. It is a particularly sensitive zone where a break below that towards $20,000 could really trigger some serious fear and waves of added selling.
And going by the H4 chart, the picture wasn’t looking pretty for Bitcoin earlier. And that spells plenty of danger for other tokens in the cryptocurrency space. Although, BTC/USD reversed at around $26,000 earlier and has climbed above $29,000 now. The chart is looking a bit better, but the price would have to move above $30,000 for the trend to reverse probably.
Shiba Inu Daily Chart – The Support at $0.000020 Has Been Broken
The daily candlestick might end up green if the climb continues
The Shiba Inu price has been plummeting for the past few months. The coin will make marginal gains and then dip further in the next bearish market condition. That’s why it has been plummeting for the past week or so, and crypto experts say that Shiba Inu might drop further. A support zone had formed around $0.000020, but that has been broken and the price dipped below $0.000010.
The biggest problem for SHIB right now is the reducing number of transactions, dropping the holder’s account, and dropping the token price. The coin has been plummeting recently, which has discouraged many investors. But the biggest reason why investors have been leaving Shiba is the lack of utility to grow the project.