Shiba Inu Breaks Out of a Bullish Pattern, Yet Investors Appear to Carry a Diverse Trading Strategy!
The crypto space is diving into a fresh bearish wave at the beginning of August 2023 as the global crypto market capitalization slides down to $1.16 trillion. The Bitcoin price dropped below $29,000 again, marking acute weakness among the bulls as they have been constantly failing to lift the price above $29,500. However, being a little diverse, ShibaArmy geared up strongly, lifted the Shiba Inu price fairly, and held it within the pivotal zones.
After experiencing massive selling pressure of over $12 trillion in June, leading to a single-day drop of over 20%, the SHIB price managed to rebound and maintain a consolidated upswing. The price further rose and reached a crucial juncture during the month-end, wherein a breakout was the need of the hour. However, the SHIB price failed to do so but is flashing extreme bullish signs that may eliminate a zero from its value very soon.
As mentioned in the above chart, the SHIB price rose above the descending trend line and, after surpassing the crucial resistance, is undergoing a minor retracement phase. Until the price sustains above these support levels, the possibility of a bullish rebound looms over the memecoin. Besides, the strength of the rally, ADX or Average Directional Index, has triggered a bullish divergence, which suggests the bulls may soon regain their power.
Investors Bullish on Shiba Inu
Investor sentiment has been proven to be a critical indicator of an upcoming trend in recent times. As a result, a surge in bullish sentiments can be measured either by the token’s social volume or by the investor’s “holding mentality.” In a recent update, a huge amount of SHIB tokens have been flown out of exchanges, suggesting that the traders are extremely bullish over the token’s impending rally.
As per the data shared by an analyst, Ali, nearly 3.30 trillion SHIB have been withdrawn from known crypto exchanges, which is worth around $28 million. This suggests the traders have no intention to perform a trade using SHIB tokens and may hold it for a long time. This may positively impact the price, which may be fueled by the launch of Shibarium, which is in the Beta phase at the moment.
Attention Traders: Bitcoin Price May Display a Diverse Trend in the Next 10 Days-Here’s the Potential Target
The whole world is watching the American banking condition with fear while the crypto markets continue to stand strong and thrive. The recent bank to join the ripple of fallouts is the First Republic bank. The banking giants like JP Morgan, Bank of America, CitiGroup, etc are making uninsured deposits and trying to save the bank from collapse.
Besides, Bitcoin made a surprising move above $27,000 as the banks continue to collapse. The wave of fallouts has benefited the crypto space massively as the recent report of First Republic Bank facing issues, raised the BTC price above crucial levels. However, the upswing may be halted for a while as the possibilities of a minor downswing emerge.
The market is currently at a stage where there is a certain dissonance between the news background and price movements. The BTC price is displaying a giant price movement which may be subjected to massive correction sooner or later. The price still carries the potential to rise beyond $28,500 and reach the target of $30,000 but only after a certain correction phase is triggered.
As seen in the above chart, the price is trading forming a wave pattern, which displays the prospects of the crypto market in the coming days. The Bitcoin (BTC) price is expected to rapidly drop from $21,000 to $21,500 where-in the traders are expected to accumulate heavily. This may trigger a strong rebound that may rise the price levels close to $30,000 in the next couple of weeks.
Therefore, the upcoming couple of weeks may be very important for Bitcoin and the entire crypto space as a significant plunge is expected to induce a catapult action over the crypto.
The top 2 crypto assets Bitcoin & Ethereum have been reckless for more than a couple of months. The current trend is flashing a notable upswing closely approaching, but the technicals point to a diverse trend ahead. Amidst the swelling market sentiments, some of the altcoins may undergo a significant trend reversal soon.
Solana’s price is cemented along the support levels around $30 for nearly a week now. Hence extreme pressure on either of the sides may further enable the price to break out of the consolidation, regardless of the direction.
The SOL price is closely trading around $30 but the technicals suggest a notable drop may be fast approaching that may land up the price around the mid-20s. After reaching the last point of defense above $20, the price may rebound back above $30. Else a continued bearish trend may drive the price below $20.
Polkadot price in the near times has been pretty bearish, moreover, after the May crash, the asset is failing to inculcate a significant bullish momentum. Currently, the DOT price is consolidating within a very narrow range which points toward an interim bounce in the short-term ahead.
After the rejection of close to $10, the asset dropped heavily below $7 for the consecutive time forming a double-bottom pattern. Therefore, the plunge is expected to hit the lower bottom below $5 at around $4.5, and look out for a bounce. Further, a notable upswing above $10 may enable the price to hover in a bullish region or the neckline of the pattern.
This may further enable the price to inculcate a significant bullish momentum to pull a massive leg up above $15 very soon.
Near Protocol is displaying a slightly more diverse trend than Polkadot. The asset appears to have been preparing for a parabolic recovery to reach beyond $6 initially. Further, the bulls are expected to uplift the price above the crucial resistance at $7.5.
Currently, the NEAR price is trading at the resistance and after a brief consolidation is expected to slice through the resistance and spike high to reach the target close to $5. On the contrary, if the bullish trajectory invalidates, it may again test the lower support to accomplish the double bottom pattern.