Monat: November 2022

It’s a risk-off mood in the market once again. Shiba Inu has lost 7% in the last 24 hours as major cryptocurrencies also remain in the red. It has, however, been a good week for the meme cryptocurrency, which remains with a 14% surge in the past seven days. The gains reflected positive optimism around meme tokens.

Wednesday’s slowdown in SHIB price shouldn’t be seen as a bear market, though. For one, market corrections are bound to happen after a strong rally. Yet, the meme token sits on the $0.000012 level, which has now become a support zone. That is the key level that SHIB needed to recapture to set an upside trajectory. 

Furthermore, even as SHIB slowed down, whale activity is on the rise. WhaleStats data show that Shiba Inu whales hit the highest ever at 1,233,301. A majority of these holders are going long-term on the meme token. In fact, the IntoTheBlock data shows that SHIB has the highest number of hodlers. The number of short-term holders has also been stable. 

The latest Shiba Inu update could also be reassuring. Unquestionably, SHIB’s price has been overwhelmed by delays in key utility-raising projects. One among them is the Shiba Eternity game. Taking to Twitter to respond to a user’s concern, a developer, Shytoshi Kusama reassured that everything was on course. He noted that although not everything is nailed down, updates and deadlines are getting accomplished ahead of time.

SHIB retraces back to a key support 

Source – TradingView

On the daily chart, SHIB is completing the 50% retracement, which lies at the $0.000012 support. This is the level to watch as the cryptocurrency corrects. Should the level hold, SHIB will initiate another leg up, potentially proceeding to $0.000017.

Should you buy SHIB now?

A break above $0.000012 resistance makes SHIB very attractive. The gains align with positive optimism around meme tokens and Shiba Inu’s network activity. 

Investors should consider buying if the $0.000012 level holds, coupled with technical pointers. Analysts already believe the break above the level is not just a one-time burst. Instead, it should be viewed as an indication of further upside. So, keep an eye on the technical level.

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 Disclaimer

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 Disclaimer

The post Shiba Inu prediction as price retraces 50%. What should you do? appeared first on CoinJournal.

Binance Coin (BNB/USD) traded at $337 on Monday, its highest level since June. In our previous CoinJournal analysis, we indicated that BNB was heading to $300, a crucial resistance level. In this bulletin, we find that BNB broke past the resistance on a strong bullish surge. Buyers could now look at attractive buy zones after the breakout.

The latest BNB gains reflect positive optimism around crypto and Elon Musk’s acquisition of Twitter. On the former, cryptocurrency gains were widespread last week as investors speculated a soft stance by the US Fed. On Twitter’s acquisition, there are growing expectations that BNB will get more utility. Binance was one of the key financiers of Elon Musk. Analysts now expect the crypto exchange to play a role on Twitter. 

The elephant in the room now lies around the rate decision by the Fed. The expectation has slowed down BNB, which was trading at $319 at press time. The price is still quite high compared to the October lows of $266. It is also above the breakout zone, suggesting investors are still active on the token.

BNB faces resistance at $330

Source – TradingView

Turning to the technical side, BNB is contained by the $330 resistance. The token broke past it briefly, but the price on the daily candlestick closed lower. The resistance also coincided with very overbought conditions, with an RSI reading of 78. The indicator still shows that BNB is overbought. 

Which way, BNB?

A breakout above $300 makes a bullish case strong for BNB price. However, the cryptocurrency needs to clear $330 to see a new yearly high. Buyers will remain active if the price is above the breakout zone. The Fed’s decision is another factor that will determine the activity of buyers. 

For now, BNB could remain in a correction phase until the technical and fundamental bits align.

Where to buy BNB

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 BNB with eToro today Disclaimer

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 BNB with Capital.com today Disclaimer

 

The post BNB breakout could usher in new buyers. But here is what needs to happen first appeared first on CoinJournal.

Bitcoin (BTC/USD) trades at $20,390, a clear price decline since topping $21,000 late last month. There is no doubt that BTC remains resilient against a less reassuring macro outlook. The cryptocurrency has strongly defended the $19,500, which has become a crucial psychological level. Consequently, BTC’s technical outlook remains bullish as long as this level is maintained. But investors may need to exercise caution this week.

The Federal Reserve interest rate decision remains the focal point this week. We already know that inflation has been running higher than estimated. With that in mind, investors have earmarked a 75-basis points rate hike when the Fed issues a statement. The expectation has raised caution in all markets, which has been responsible for the BTC slowdown. A rate hike followed by a hawkish Fed statement could spook markets and force a further price fall.

On the contrary, expectations grew mixed the last one week that Fed may settle for a soft stance. With growing recession fears, analysts projected that the Fed would move slower. For this reason, BTC saw some recoveries to above $21,000.

As the Fed nears its policy decision, mixed expectations may not be good for Bitcoin. That is captured in the price reaction, which has stalled despite remaining stable.

Bitcoin stalls ahead of FOMC decision

Source – TradingView

On the daily chart, Bitcoin met a minor resistance at $21,000. Momentum is weakening, but the MACD indicator remains in the bullish zone.

The 20-day MA crossed above the 50-day MA, suggesting that BTC was heading higher. Both moving averages support the cryptocurrency below.

Should you buy BTC?

The technical indicators and the $19,500 support give a bullish view of the BTC price. However, the sentiment around cryptocurrencies, in general, is mixed. Investors are turning to the Fed statement to assess a bull scenario.

A dovish Fed could be the trigger for BTC to move higher. Similarly, the cryptocurrency could head back to $19,500 on a hawkish Fed. Investors should be patient for now and gauge the BTC price based on the Fed decision.

Where to buy BTC

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 BTC with eToro today Disclaimer

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 BTC with Skilling today Disclaimer

The post Why you need caution trading Bitcoin this week – a brief technical outlook appeared first on CoinJournal.