Shiba Inu forms first 2025 golden cross
Shiba Inu saw an 85% rise following the last golden cross occurrence.
- Technical signal. SHIB 50-day MA crossed above the 200-day MA, creating its first daily golden cross this year.
Shiba Inu has formed a golden cross on its daily chart, the first such occurence in the year 2025, as SHIB saw a death cross on its one-day chart in February this year. The short-term moving average 50 has crossed above the long term moving average 200, resulting in a bullish golden cross.
- Significance. Bullish signal suggests potential upside, though market context remains cautious.
While Shiba Inu has formed moving average crossovers on the hourly or 4-hour time frames, the newly created golden cross is the first such on the daily chart this year. With this newly created bullish signal on the Shiba Inu charts, the market awaits where the dog coin will go next.
The broader cryptomarket is seeing continued profit taking, with major cryptocurrencies reversing early gains. Shiba Inu fell for three straight days from Aug. 22, when it saw a sharp rise from $0.000012 to $0.0000135. The drop hit a low of $0.00001183 from where Shiba Inu sharply rebounded in yesterday's session.
Bitcoin faces double-top risk after whale sell-off
Top trader Peter Brandt claims that Bitcoin (BTC) is facing a potential double top.
- BTC alert. Peter Brandt warns BTC bulls must reclaim $117,570 to avoid a “potential” double top.
Legendary trader Peter Brandt claims that Bitcoin bulls desperately need to reclaim the $117,570 level in order to avoid a "potential" double top. The leading cryptocurrency is currently changing hands at $111,794 after dipping to an intraday low of $100,381.
During the weekend, a Bitcoin whale liquidated a total of 24,000 coins that were worth more than $2.7 billion. It is believed that the massive crash was the key reason why the price of the leading cryptocurrency has now collapsed by $4,000 in mere minutes.
- Reactions. Adam Back called the sell-off “clumsy.”
Blockstream CEO Adam Back described this kind of activity as clumsy. "Normally, people with that kind of money would be smarter," Back said. Even though some market participants have downplayed the importance of the massive whale move, Brandt insists that it should not be dismissed since it represents supply. As noted by Brandt, market tops tend to be created by supply or distribution.
Dogecoin whale pulls $12M from Binance
DOGE withdrawal stuns Binance as new Dogecoin whale is born.
- Large transaction. A whale withdrew 52.9M DOGE (~$12M) from Binance in two large transactions
Dogecoin whale pulled 52.9 million DOGE off the world's largest crypto exchange, Binance. That is almost $12 million worth of liquidity that left the exchange in just under a day. The movements came in two big tranches, first 32.9 million DOGE, then another 20 million, both routed into a wallet that appeared only recently and now holds the whole stash.
Impact. The move reduces Binance’s DOGE liquidity in the short term, potentially affecting the order book.
Dogecoin has a circulating supply in the hundreds of billions, but when a single address consolidates that much volume, it can change how the order book functions in the short term. Binance is still the busiest place for DOGE, but now it looks like they have fewer of the coins available.
This is usually seen as a sign that the holder does not want to trade them on the open market, but rather just hold on to them. This idea has been backed up by the past, when similar outflows happened before recoveries from local lows.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team