U.Today – has suffered a setback, quickly reversing direction and failing to break the crucial $70,000 barrier. A wave of panic among investors has been triggered by the recent transfer of funds from Silk Road, which some analysts link to this abrupt fall. Although this relationship is purely hypothetical, it shows how sensitive the market is to major changes in Bitcoin.
Two new addresses received around 29,800 BTC, or roughly $2 billion, from a US government-flagged address linked to the Silk Road seizure. Investors are concerned about this significant movement of funds, which has sparked rumors of a potential sell-off. The mere possibility of these funds being sold has sparked fear and uncertainty in the market, though this is unlikely to happen.
Market sentiment was starting to improve before this abrupt shift. At $68,000, Bitcoin had been consolidating, signaling a potential breakout to higher levels. Positive signs were seen across a variety of cryptocurrencies as the market as a whole began to recover steadily.
Still, this recovery is now somewhat uncertain given the recent price action. As it stands, Bitcoin is shaky and trading at roughly $66,770. Bearish sentiment has emerged as a result of the failure to break above $70,000. The 50 EMA and 100 EMA, which currently sit at $64,000 and $63,000, respectively, are important support levels to keep an eye on.
The bullish pressure could be redirected if these levels hold. The near future of Bitcoin is still unknown. Despite the concerns raised by the Silk Road money transfer, it is important to keep in mind the overall market environment. If Bitcoin manages to hold its support levels and positive sentiment returns, a market recovery may still be imminent. To determine the next course of action, investors should monitor trading volumes and overall market trends.
The escape of
With the success of breaking out of a long-term downtrend, Shiba Inu has given its investors some hope. The meme coin broke out of its descending price channel, indicating that its bearish trajectory may be changing. However, this escape was fleeting, as extremely low trading volumes and overall market instability caused SHIB’s price to fall again.
While the breakout of the descending channel initially suggested a possible reversal, the subsequent price drop highlights a crucial problem: insufficient trading volume. Any bullish momentum must be supported by trading volume, and Shiba Inu is currently severely undersupplied.
It is also difficult to maintain the breakout due to the overall unfavorable market conditions. The significant withdrawal of whales is another important factor affecting SHIB's performance. The exit of these large players has led to a substantial drop in volatility.
Whales typically bring trading activity and liquidity to the market; however, their exit has created a hole that is difficult to fill. A major setback for SHIB’s chances of further growth has been this exit. Technically speaking, Shiba Inu’s price movements remain unstable.
While the breakout of the downtrend was a positive, the fact that the breakout failed to hold due to low volume and unfavorable market conditions suggests that problems remain. In particular, the recent lows within the descending channel are important support levels to watch out for.
comes down
Dogecoin is moving in a descending triangle pattern and is in a risky situation. If the price maintains its current trajectory, this pattern usually indicates a bearish outlook and raises the possibility of a breakout.
Everyone is thinking the same thing: can DOGE gain enough support from buyers to go against the trend and break through the resistance? According to the chart shown, DOGE is currently trading at around $0.13. It has been difficult for the price to rise above the upper boundary of the descending triangle.
If the current trend persists, DOGE could experience a substantial drop in its price, as this pattern usually means that selling pressure outweighs buying interest. That said, there is still hope.
If buyers re-enter the market and generate enough volume, Dogecoin could break the triangle’s upper resistance. A spike in volatility due to this discovery would likely push the price higher. Depending on the state of the market, a successful breakout of this pattern could lead DOGE to test higher resistance levels, possibly as high as $0.15.
This article was originally published on U.Today
