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Monday is considered to be the most unpleasant day of the week, and the cryptocurrency market is proving that fully today. With the U.S. stock market opening at a three-week low, prices on the crypto market were hit so hard that $349.34 million were liquidated in 24 hours. Of that, $293.79 million are long positions.
What is currently being drawn on the price charts of many cryptocurrencies does not look too encouraging, and several indicators are doubling down on that. For example, the popular meme-inspired cryptocurrency, Shiba Inu (SHIB), recently found strong resistance at its 23-day moving average and has lost 5.83% of its value in the last 16 hours.
Arman ShirinyanWhat is more, as the bulls disappear and the bears take over, SHIB seems destined to test buyers' appetites, at least at the $0.000011 level, which is 23% below the current price. Pretty painful perspective, isn't it?
Whether this is the beginning of the end, or whether the end has already happened, remains a matter of speculation. Few would have predicted such an outcome in December or November, when the euphoria took over the market. Many headlines pointed out that February is the beginning of the most prosperous period for the crypto market, which is indeed the case, according to historical trends.
What's end game?
But what kind of mind games are these? Is it a strategy to get rid of paper hands and latecomers? Is it really a paradigm shift, and hopes for a bull market and altcoin season can be multiplied to zero by now?
Crypto market is rarely an understandable place, and it is better not to predict but to react. So, even though SHIB is currently tilting toward a lower support level, things can change with the next one-hour candle.
Dan Burgin
Vladislav Sopov