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Bitcoin Might Be on Cusp of Another Bearish Reversal, Shibarium Sees Epic Key Metric Surge, 324 Million DOGE Change Hands Amid 19.4% DOGE Price Crash: Crypto News Digest by U.Today

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Mon, 15/04/2024 - 16:40
Bitcoin Might Be on Cusp of Another Bearish Reversal, Shibarium Sees Epic Key Metric Surge, 324 Million DOGE Change Hands Amid 19.4% DOGE Price Crash: Crypto News Digest by U.Today
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Here are the top three news stories over the past weekend presented to you by U.Today

Is it over for this Bitcoin bull run? This ominous indicator suggests so

In a recent X post from Sunday, April 14, prominent trader Josh Olszewicz stated that Bitcoin might be approaching another bearish reversal. Olszewicz attached a 1D Bitcoin chart with five different lines, two of which compose a cloud (which can be either red or green). The blue line is called the "conversion line," or the "Tenkan" line, and shows the average for the last nine periods. The red line is called "the base line," or the "Kijun line," and shows the midpoint price of the previous 26 periods. If the price of Bitcoin falls below the Kijun line, it indicates a bearish tendency. Olszewicz pointed out that Bitcoin saw its first Kijun tap since the early June breakout. Despite the fact that the BTC price could still recover from here, the trader claims that the previous "triple top" structure actually suggests a bearish reversal. At the moment of writing, Bitcoin is changing hands at $64,328, per CoinMarketCap.

Shiba Inu's Shibarium witnesses epic key metric growth

Data provided by Shibariumscan website shows that Shibarium, Shiba Inu's layer-2 solution, saw an incredible spike in activity, with its daily transactions surging from 288,690 to 347,460 on Saturday, April 13. At the moment of writing, this key metric demonstrated even greater growth, standing at 419,520, which indicates a significant change in the Shiba Inu network's dynamics and fosters optimism within the community. Interestingly, the increase in transactional activity happened in tandem with a notable uptick in the number of accounts engaging with the network. From April 12 to April 13, the number of active accounts soared up to 14,321, showing a 218.33% increase. Likewise, the influx of new accounts increased by a remarkable 173% to 9,439.

Related

324 million Dogecoin change hands anonymously amid 19.4% DOGE crash

According to Whale Alert data, on Saturday, April 13, Robinhood saw a withdrawal of several hundred million Dogecoin. This coincided with DOGE's 19% price drop, making market watchers suggest that anonymous whales have bought the dip. Whale Alert reported three large transactions carrying 150,000,000; 100,000,000 and 74,024,901 DOGE. The smallest amount of DOGE was deposited into Robinhood, while the first two enormous chunks of meme coins were removed from it. The 74 million DOGE transferred to Robinhood were either intended for long-term storage or for sale. At the moment these transactions were made, the 324 million Dogecoin chunk was valued at $49.9 million in fiat money.

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