Monat: November 2022

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Is Shiba Inu’s bull run over? Here is the technical outlook

Cryptocurrencies continue to slide in a new week despite enthusiasm settling in previously. Shiba Inu (SHIB/USD) is one such cryptocurrency that posted massive gains. That allowed SHIB to overcome $0.000012 resistance, a key level that has always been watched as a price pivot. Consequently, SHIB went higher to a nearly 3-month high of $0.000015 on October 29.

At $0.000010, SHIB has suddenly become bearish. That comes after a key technical level at $0.000012 failed to hold. The losses come amid concerns about huge amounts of SHIB being moved from the embattled FTX exchange. Etherscan data showed that whales transferred almost 1.5 trillion SHIB from the FTX exchange. The movement coincided with a nearly 10% price decline in SHIB on the same day.

SHIB slides below the $0.000012 support as weakness mounts

Source – TradingView

A technical outlook shows SHIB trending down after bulls failed to hold firm the $0.000012 level. The price has also lost the 20-day and 50-day moving averages, underlining increasing bear pressure.

The relative strength index shows a sharp selloff. The token is yet to hit the oversold levels, with the reading below the midpoint. 

What next for SHIB?

Shiba Inu is currently under the control of bears. A weak momentum and bearish indicators reinforce a further drop in the price.

The area around $0.000008 is the next to watch should bulls fail to arrest the current weakness in SHIB. If bulls enter positions, SHIB price could rise to find resistance at $0.000012 again. A potential bullish momentum will be confirmed by a price recovery above the $0.000012 resistance. 

Buyers should keep off SHIB for now until a proper bull confirmation. However, surprise recoveries on new developments should be monitored as SHIB is already known for that.

Where to buy SHIB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SHIB with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy SHIB with Capital.com today

The post Is Shiba Inu’s bull run over? Here is the technical outlook appeared first on CoinJournal.

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Will MATIC rally higher after Bepop launches its trading features on Polygon?

MATIC, the native coin of the Polygon network, is down by more than 20% today despite Bepop’s recent launch on the blockchain.

MATIC has lost more than 20% of its value over the last 24 hours. The native coin of the Polygon network has been underperforming since the start of the week and could experience further sell-off in the near term.

The poor performance comes despite Polygon announcing a few hours ago that Bebop, a new decentralised trading platform, has launched on Polygon. 

According to Polygon, Bebop gives users an advantage in fast-moving markets by allowing them to enter or exit multiple positions at once while saving money on network fees.

MATIC’s plunge comes as the broader cryptocurrency market experienced a massive sell-off. The FTX struggles over the last couple of days have wiped out billions of dollars from the market. 

The total cryptocurrency market cap is below $900 billion for the first time in a month, down by 10% in the last 24 hours. Bitcoin dropped below the $18k level but has slightly bounced back and is down by more than 8% today. 

Ether is also down by more than 15% today and is now trading around $1,200 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is extremely bearish, as Polygon has been underperforming over the last 24 hours. 

MATIC/USD Chart By TradingView

The MACD line dipped below the neutral zone earlier this week, indicating that the bears are currently in control. The 14-day RSI of 31 shows that MATIC could enter the oversold region if the selling pressure continues.

At press time, MATIC is trading at $0.9046 per coin. If the sell-off continues, MATIC could drop toward the $0.805 support level for the first time in three weeks.

In the event of an extended selling pressure, MATIC could drop below the $0.6470 support level over the coming hours or days. 

Where to buy Polygon now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MATIC with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MATIC with Skilling today

The post Will MATIC rally higher after Bepop launches its trading features on Polygon? appeared first on CoinJournal.

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Bitcoin drops below June lows as FTX stuns crypto world

Bitcoin price fell more than 12% to touch lows of $17,114 on crypto exchange Coinbase.

Bitcoin declined more than 12% on Tuesday as a stunned crypto world descended into sell-off territory on news that Binance, led by Changpeng Zhao, had signed a letter of intent (LOI) for the acquisition of crypto exchange FTX.

Bitcoin sell-off pushes BTC below June 2022 lows

After an initial upward spike for the crypto market amid a positive take, Bitcoin nosedived to lows of $17,114 on crypto exchange Coinbase. 

The downside marks Bitcoin’s fall to its lowest price level since the crypto bloodbath in June, when the aftermath of the crash of Luna and Three Arrows Capital bankruptcy coincided with Bitcoin printing a low of $17,592.

BTC/USD price on Coinbase. Source: TradingView

 

With the sell-off crashing the FTX (FTT) token as much as 85% within hours on Tuesday – from highs of $22 to lows of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

Ethereum had fallen below $1,300 and Solana was getting smoked near $23.80 at the time of writing.

Coinbase and Kraken report connectivity issues

Meanwhile, leading crypto exchanges Kraken and Coinbase reported connectivity issues that only fueled the negative sentiment. 

Kraken announced an investigation into reports that certain users were having connectivity issues on its website as well as via mobile.

Coinbase also reported connectivity issues affecting its Coinbase.com, Coinbase Pro and Coinbase Prime platforms. An update the US-based crypto exchange posted an hour later noted improvement in network latency, but users were reportedly still having difficulty accessing the exchange’s various platforms.

The post Bitcoin drops below June lows as FTX stuns crypto world appeared first on CoinJournal.