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Shiba Inu (SHIB) Massive Breakthrough: All You Need to Know

Thu, 06/22/2023 - 17:00
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Arman Shirinyan
Shiba Inu finally moves upward, and first resistance is already gone
Shiba Inu (SHIB) Massive Breakthrough: All You Need to Know
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Shiba Inu (SHIB) is making headlines again in the cryptocurrency world as it achieves a significant breakthrough. The canine-themed token has broken through the crucial $0.000008 price level, marking a return to its pre-dump price threshold. This is a significant milestone for SHIB, suggesting that it could be on track to regain its upward trend.

In a striking demonstration of resilience, SHIB has surpassed two major resistance levels: the 21-day exponential moving average (EMA) and the 50-day EMA. The breaking of these two critical technical barriers indicates a strong bullish signal, hinting at the potential for SHIB to continue gaining traction on the market.

Shiba Inu
Source: TradingView

Momentum is on the side of the Shiba Inu token, and there is a growing expectation among traders that the coin could continuously strengthen its position on the market. This is a significant turnaround for SHIB, given the turbulence it has faced in the recent past.

However, as the saying goes, every rise has a fall. Looking forward, the next major hurdle for Shiba Inu is the formidable 200-day EMA. This resistance level is located significantly higher, around the level of $0.00001, marking a psychological barrier as much as a technical one.

The journey ahead is still filled with challenges. Breaking the 200-day EMA would signify a complete reversal of fortunes and validate the coin's return to a bull market. However, it is crucial to remember that the volatility inherent in the cryptocurrency market could lead to an abrupt shift in the trend.

XRP cannot move upward

In recent developments, XRP saw a significant price spike, garnering much attention on the cryptocurrency market. However, the jubilation was short-lived, as the asset faced a wave of selling pressure almost immediately, causing a 3% price drop. This rapid turn of events highlights a potentially alarming trend on the XRP market.

Ripple CTO Hints at Key Reason for Missing XRPL Data Shortly After Launch

Over the past few days, XRP had been on a positive trajectory, boasting a solid increase in price. Yet, the subsequent sell-off, almost in sync with the price spike, indicates that a considerable number of investors are quick to liquidate their holdings instead of holding onto the digital asset. This pattern could be indicative of a lack of confidence in XRP's long-term performance and the general unpredictability of the cryptocurrency market.

The tendency to take profits at the earliest opportunity might have serious implications for XRP's price stability and its reputation as a holdable asset. For a cryptocurrency to mature and gain broader acceptance, it needs a stable investor base that is willing to hold the asset for an extended period, contributing to its price stability and giving it the status of a store of value.

Litecoin's silent growth

In recent days, the cryptocurrency market has been experiencing a noticeable recovery rally, and one digital asset stands out amid the pack: Litecoin. With a massive 23% price spike, the "digital silver" has earned itself the title of the "dark horse" of this rally, asserting its place as one of the most profitable assets right now.

Unlike the infamous meme coins, which often rely on social media hype and celebrity endorsements for their value, Litecoin's surge cannot be attributed to viral trends or market whims. Instead, it is founded on solid blockchain technology and has always been perceived as a reputable asset within the crypto community.

Litecoin (LTC) Daily Holders Grew 8%, Here Are Key Growth Markers to Watch

One possible catalyst for this impressive price hike is the anticipated block reward halving for Litecoin, a quadrennial event that has historically driven interest and investment in the asset. Halving, which reduces the rewards miners receive for each new block they add to the blockchain, effectively slashes the rate at which new LTC is created. This event has the potential to create a supply shock and can act as a price catalyst, driving up the value due to increased scarcity.

Furthermore, Litecoin's reputation as a stable and reliable cryptocurrency, often dubbed the "digital silver" to Bitcoin's "digital gold," may have bolstered its appeal to investors seeking a less volatile option on the volatile crypto market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.