Bei den vorherigen Hard Forks von Cardano kam es im Vorfeld zu massiven ADA-Rallyes. Diesmal auch?
Highlights June 7: BNB declines on SEC probe, GALA only coin in the green
The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing.
Top cryptos
Bitcoin shed almost 6% of its value in the last 24 hours, trading below $30,000. Ethereum is down around 7%. Binance Coin (BNB) lost 8.50% after Bloomberg reported the US Securities and Exchange Commission was probing its US affiliate.
In addition, SEC is probing into whether Binance should have registered BNB with the watchdog when the ICO took place in 2017. Cardano and Solana also tumbled, the latter by as much as 10%.
Cryptos outside the top 10 showed a similar tendency. Despite being listed by Europe’s biggest crypto exchange, Shiba Inu lost around 6% in the last 24 hours. UNUS SED LEO is the only top 20 coin in the green. It gained 2% today.
Top movers
Outside the top 20, the tendency was similar, with most coins losing 4-8% of their value. Notable standouts include ICP, down 12%, AAVE and THORChain with 10%, and Axie Infinity and Neo with 11%. All are reversing recent gains.
Gala is the only top 100 coin in the green. It is up 4% after Gala Games announced a partnership with Epic Games to launch Battle Royale game Grit on the Epic Games Store. The Galaverse, an important event for the ecosystem, entered its second day.
Trending
The biggest winner today is CV SHOTS, whose token CVSHOT is up 289% in the last 24 hours. The platform was created to help companies and job seekers network. It aims to help business owners find qualified employees.
The platform evolved into a significant job marketplace, connecting all kinds of companies with millions of job seekers.
The post Highlights June 7: BNB declines on SEC probe, GALA only coin in the green appeared first on CoinJournal.
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How can Shiba Inu avert a brutal sell-off in the coming weeks?
Shiba Inu is currently trading sideways along a declining trend line. The coin has also managed to consolidate above an important support zone, but upside momentum has been very limited. SHIB is staring at a brutal sell-off in the coming weeks, but this could be avoided if certain conditions in the market materialize.
Key Points –
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SHIB has finished a consolidation phase without really breaking out.
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This shows weakness, and the token could fall below the $0.0000101 support.
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The coin will phase a 40% wipeout from its current price if this happens.
Data Source: TradingView
How can SHIB avoid this decline?
It’s very difficult right now to see any decisive bullish run for SHIB. The market in general has not favored meme coins. In fact, after crashing in May, SHIB has recovered very modestly compared to other coins. It has also traded sideways for the past two weeks along a declining trend line.
This suggests that there is no momentum for any real bull run. So, to avoid a sell-off, the meme coin needs to hold the $0.0000101 support. So far, SHIB is slightly above this, and we have not seen any bear pressure.
However, as market conditions change, a dip below$0.0000101 could come in the next week or so. When this happens, it will trigger a major sell-off that could push SHIB lower by nearly 40%. Recovery from this fall may also not be as quick as we want.
What Happens to SHIB investors?
It’s just a wait and see game for now. The biggest test will be how long the coin holds off bears above the $0.0000101.
If indeed SHIB is able to close the week above this price, then bulls can take a breather. But still, upward momentum for SHIB is highly limited at the moment.
The post How can Shiba Inu avert a brutal sell-off in the coming weeks? appeared first on CoinJournal.