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Bitcoin (BTC) Receives Critical Hit, Shiba Inu (SHIB) in Catastrophe Mode, Can Lose $0.00001 Again, XRP Stronger Than It Should Be

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Wed, 19/06/2024 - 0:30
Bitcoin (BTC) Receives Critical Hit, Shiba Inu (SHIB) in Catastrophe Mode, Can Lose $0.00001 Again, XRP Stronger Than It Should Be
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Bitcoin has been crushed under selling pressure in the last few hours. The first cryptocurrency is on the verge of losing the $65,000 threshold. The fall below it already triggered substantial liquidations, and things will get worse if we do not see a change.

The chart illustrates how difficult it has been for Bitcoin to hold onto the critical support level at $65,000. BTC is in danger of crossing this crucial threshold due to strong selling pressure. The drop below this threshold will trigger additional liquidations followed by an intensifying downward trend. 

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BTC/USD Chart by TradingView

More sell-offs have been observed in the recent trading volume, suggesting that traders are getting more panicked. There is a possibility that the current price decline is overextended as the Relative Strength Index (RSI) has entered the oversold region. That being said, the downward momentum cannot be stopped by the oversold RSI alone, particularly when selling pressure is persistent. 

The gloomy outlook is exacerbated by worries about regulatory crackdowns and macroeconomic uncertainties. With many investors choosing to liquidate their holdings rather than hold through the volatility, general market sentiment is still cautious.

Moving averages for Bitcoin also show a sad picture from a technical standpoint. There is a decrease in the upward momentum indicated by the flattening of the 50-day EMA. 

Shiba Inu hit

Shiba Inu lost the 200 EMA support level, and its price plummeted, causing a substantial loss. The $0.00002 level is realistically gone, so our best bet is the psychological $0.000015 support. However, in reality, the most likely scenario out there is a drop to multi-month lows for SHIB.

SHIB's failure to hold the 200-day Exponential Moving Average (EMA), which many traders view as a strong support level, indicates a significant breakdown in the most recent chart. SHIB has fallen precipitously as a result of the loss of this support level, which set off a rapid decline. The next crucial level is currently the psychological support at $0.000015, but given the momentum, even this might not hold.

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The trading volume confirms that the market sentiment has turned decisively bearish by showing an increase in selling pressure. Given that the Relative Strength Index (RSI) is currently well into oversold territory it is possible that SHIB is currently undervalued. But given the present negative sentiment the oversold situation might not be sufficient to stop the declining trend on its own. 

SHIB may be approaching multi-month lows and may test levels not seen since the start of the year if it keeps declining. Bearishness is increased by the weakness of the cryptocurrency market as a whole and the absence of a compelling use case for Shiba Inu. Without a big catalyst the market dynamics imply that SHIB may have trouble finding a bottom in the near future. 

It is advisable to prepare for additional fluctuations and possible drops. It appears that SHIB will continue to move lower until it can recover and maintain above the 200 EMA which is a significant technical setback.  

XRP's surprising resilience

XRP is the last asset you expect stability from. The cryptocurrency is still trading at around the $0.5 price threshold despite the market-wide drop, where some assets lost around 10% of their values.

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In a market characterized by volatility, XRP's resilience is surprising. The asset has managed to hold its ground while other major cryptocurrencies have seen significant declines. The chart shows that XRP is maintaining its position above several key moving averages, including the 50-day EMA (blue line) and the 200-day EMA (orange line), which is an encouraging sign for investors.

The trading volume for XRP has been relatively steady, indicating that there is still significant interest in the asset. The Relative Strength Index (RSI) is in a neutral zone, suggesting that XRP is neither overbought nor oversold at this point. This balance further supports the notion that XRP is currently in a stable phase.

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