Altcoins
Shiba Inu Price Gets Extremely Overbought: Pullback Likely
Shiba Inu price has been in a strong bullish trend in the past few days as investors focus on the upcoming Shibarium launch. The SHIB token rose to a high of $0.000012, which was the highest level since November 3. It has surged by over 42% from the lowest point in 2022.
Shibarium launch ahead
Shiba Inu price has made a strong bullish trend as investors focus on the upcoming major change in the ecosystem. The main change is that Shiba Inu’s developers are building Shibarium as the network seeks to grow its ecosystem.
Shibarium will be a layer-2 blockchain that will solve some of the biggest challenges that exists in the ecosystem. Since Shiba Inu, Bone, and Leash exists in Ethereum, it has to cope with the inefficiencies in its platform.
For example, Shibarium will have lower transaction costs and faster speeds. Presently, Shiba Inu transactions can add up to $100 in fees. As a layer-2 network, it will have speeds of over 2,000 transactions per second (tps). Also, it will make it possible for developers to build on top of the network.
In a statement, they noted that the focus will be on non-fungible tokens (NFT), gaming, and the metaverse. Further, the network will also help reduce the amount of Shiba Inu tokens in circulation using burn features. The statement added that:
“All transactions on the network will have an implicit burn amount for $SHIB token. This will operate within the base gas fee of these transactions being utilized to burn $SHIB through our renewed Burn Portal.”
Shiba Inu price prediction
The daily chart shows that the SHIB price has been in a strong bullish trend in the past few weeks. It has jumped above the important resistance level at $0.000010, the highest point in December. The token has surged above the 25-day and 50-day moving averages.
At the same time, the Relative Strength Index (RSI) surged to extreme overbought level. Therefore, the coin will likely pullback in the coming days. If this happens, the next key support level to watch will be at $0.0000010. A move above the resistance level to watch will be at $0.000012.
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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