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Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction

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1 month ago

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Shiba Inu price dropped 4% to $0.00001342 on Sunday, coinciding with Bitcoin falling below the $60,000 support level. This renewed selling pressure led to declines across major altcoins, impacting the meme cryptocurrency sector due to its inherent volatility and speculative trading nature. The sell-off caused SHIB to reverse from multi-month resistance, signaling a potential risk of a more significant correction ahead.

Shiba Inu Price Set for Bearish Reversal 

The Shiba Inu price prediction showcased sideways action throughout the week, struggling to surpass the $0.000014 barrier. Despite the recent market recovery, this consolidation market lacks buyers’ conviction to drive this asset.

Today, the SHIB price marks another failed attempt to breach the overhead trendline, displaying a long-rejection candle to highlight overhead supply. Interestingly, the selling momentum persists despite burning 40 million SHIB in the last 24 hours, leading to a 3500% spike in the burn rate.

Typically, such a large burn would reduce the circulating supply, potentially supporting price stability or even a rally. However, in this case, the ongoing correction trend suggests that market factors outweigh the impact of the burn, keeping the price under pressure.

Shiba Inu has seen a notable decline in Open Interest throughout August. According to Coinglass, SHIB’s Open Interest dropped from $37 million to $23.2 million, reflecting a decrease of approximately 37%. This substantial drop in OI suggests reduced market participation or liquidity for SHIB, potentially signaling waning investor confidence.

SHIB Futures Open Interest (USD) SHIB Futures Open Interest (USD)

Thus, the correction may push the Shiba Inu price by 30% to retest $0.0000095 at wedge pattern support.

This dog-themed meme coin trading below the daily Exponential moving average highlights the path to least resistance is down.

Shiba Inu PriceShiba Inu Price
SHIB/USDT Chart

However, the two converging trendlines of falling wedge patterns indicate a waning bearish momentum. Thus, SHIB price is poised for an upside breakout, which could signal an initial sign of trend reversal. 

The relative strength index (RSI) bounced from oversold to 35%, accentuating the demand pressure at a discounted value.

The post-breakout rally may push the asset 50% to hit $0.00002.

Frequently Asked Questions (FAQs)

The ongoing correction trend and broader market factors outweighed the impact of the 40 million SHIB burn, leading to a 4% price drop.

The 37% drop in Open Interest suggests reduced market participation and waning investor confidence in SHIB, contributing to the price decline.

The falling wedge pattern indicates a steady correction, but it also signals a potential upside breakout, which could lead to a trend reversal.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto to Sell

5 Crypto to Sell to Avoid Losses After Fed’s 50 bps Interest Rate Cut

Published

7 mins ago

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September 19, 2024

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With the US Federal Reserve cutting interest rates by 50 basis points on September 18, the crypto market is preparing for an upward thrust. However, a few top altcoins have already surged quite a bit in anticipation of the rate cuts. So, investors should consider selling these 5 cryptos to avoid losses.

Fed Rate Cut, Interest rate
Fed Rate Cut, Interest rate

5 Crypto to Sell After Fed’s 50 bps Interest Rate Cut

These five cryptocurrency tokens are flashing sell signals after the September 18 Fed Meeting (FOMC). Investors would be better off selling these tokens now to avoid losses. 

  1. Render (RENDER)
  2. Polygon Ecosystem Token (POL)
  3. Uniswap (UNI)
  4. Optimism (OP)
  5. BabyDogeCoin (BABYDOGE)

Render

Since September 6, Render price surged nearly 20%. This uptrend was a common theme across altcoins due to the anticipation of the Fed’s interest rate decision on September 18. As of September 19, Santiment data shows that the daily active addresses for RENDER dropped by 66% after noting a peak on September 13. 

This crypto will likely sell-off after the Fed has cut rates and OpenAI hype surrounding the new model has died down.

Cryptos to sell - RENDER Daily Active AddressesCryptos to sell - RENDER Daily Active Addresses
RENDER Daily Active Addresses

Polygon

Polygon’s recent migration and rebranding from MATIC to POL attracted a lot of eyeballs, but the hype seems to be over, so investors need to consider keeping a close eye on POL. Since the rebrand, there has been a massive uptick in supply on exchanges while the top holders continue to sell. This development shows clear signs of disinterest from whales and could be signs of a correction for MATIC price.

Crypto to sell - POL Supply on exchanges, Supply held by top holdersCrypto to sell - POL Supply on exchanges, Supply held by top holders
POL Supply on exchanges, Supply held by top holders

Uniswap

The third altcoin to sell after the Fed’s 50 basis point cut is Uniswap. While there are rumors of a potential fee switch proposal during the v4 upgrade, investors should refrain from holding UNI for one singular reason – 100% unlock. With all tokens circulating in the market, there will be a high selling pressure for this crypto and it could impact the short-term outlook of UNI price. 

Optimism

Once Optimism was considered one of the top Ethereum Layer 2 scaling solutions, but as of 2024, OP has moved out of the spotlight. The network growth for OP hovers around 500 and has slid from a peak of 2500, which is a 5x decline.

The network growth metric is used to gauge new users joining the Optimism blockchain. A spike in this indicator shows that new capital is flowing in and investors are interested in the underlying token at the current price levels. However, for OP this is the complete opposite, since the network growth is dropping. As a result of this, OP could see a further spike in selling pressure going forward. 

Crypto to sell - OP network growthCrypto to sell - OP network growth
OP network growth

BabyDogeCoin 

After recent listing on Binance, this top meme coin surged 130% and is holding up well. Typically, exchange listing-based rallies are often short-lived, leading to a full reversal. However, BABYDOGE shows strength, but investors must keep a close eye for weakness. In case, the buying pressure exhausts, investors should expect this crypto to slide nearly 40% to key support level at $0.00000000132.

BABYDOGE 1-day chartBABYDOGE 1-day chart
BABYDOGE 1-day chart

These 5 cryptos could see a strong reversal due to the sell signals coupled with the Federal Reserve cutting interest rates on September 18. Therefore, investors should consider selling these altcoins to avoid losses.

Frequently Asked Questions (FAQs)

These cryptos show sell signals after the Fed’s 50 basis point interest rate cut, indicating potential losses.

Factors include decreased daily active addresses, supply increase on exchanges, disinterest from whales, and network growth decline.

Investors may face losses due to potential price reversals, with some cryptos potentially dropping by 40% or more.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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APT token

Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?

Published

2 days ago

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September 17, 2024

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Aptos (APT) price, a layer 1 cryptocurrency, is currently exhibiting an upward trajectory in its market trends. The APT price movement has entered a bullish phase, showing a noticeable recovery recently. This resurgence comes on the heels of an announcement regarding Bitcoin integration, which promises to spur innovation within the Layer 2 protocol. 

Aptos Price Surges Following BTC Integration Announcement

Aptos price might see new interactions as the Aptos Foundation has teamed up with the Bitcoin Layer 2 protocol, Stacks. This partnership introduces Bitcoin into the Aptos environment. 

Through this integration, Bitcoin will be accessible in various decentralized applications and for other purposes on the Aptos network. Aptos utilizes the Move programming language, which is known for its flexibility and security.

This collaboration is poised to foster developers’ innovative uses of Bitcoin. Stacks, known for enabling smart contracts on Bitcoin’s secure base layer, is preparing to launch Nakamoto and BTC. These releases are expected to enhance transaction speeds and guarantee that Bitcoin secures transactions. 

Stack is a leader in market capitalization and developer engagement among Layer 2 solutions. It seeks to leverage Bitcoin’s vast passive capital, valued at about $500 billion, making it a programmable and active financial asset.

APT Price Eyes 70% As Bullish Gain Momentum

The Aptos price has risen significantly by 4.50% over the past 24 hours. At the time of writing, the APT price hovered at $6.00. During this period, the price ranged from a low of $5.67 to a high of $5.95, indicating strong market activity. This positive momentum shows continued interest in Aptos, with its current price performance reflecting an upward trend.

The Relative Strength Index (RSI) is showing a slight recovery. With an RSI value of 44, the market is still below the 50-point neutral line, indicating a slightly bearish or neutral market sentiment at present.

Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?
Aptos Price Chart: Source| TradingView

According to Coinglass data, the Aptos price has experienced a notable shift. The total volume saw a decline of 31%, bringing it to $122 million. Open interest, which measures the total number of outstanding derivative contracts, has increased by 5%, reaching $95.90 million. Meanwhile, both options volume and open interest highlight ongoing activity in the Aptos derivatives market. 

Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?
Source- Coinglass

The Layer 1 crypto is currently encountering resistance at the $6.10 mark. However, if it manages to breach the critical $7 threshold, this could trigger a notable upward trend. Analysts are eyeing the next targets at $9 and possibly $10, which may signal strong buying momentum. Market participants closely watch these levels, as a successful breakthrough could lead to sustained bullish action.

Frequently Asked Questions (FAQs)

Stacks is a Layer 2 solution that enables smart contracts on Bitcoin’s blockchain. Its integration allows Bitcoin to be used on Aptos, unlocking new possibilities for developers.

The integration of Bitcoin into Aptos enhances its decentralized applications (dApps) and expands its market reach by leveraging Bitcoin’s liquidity and security.

Analysts suggest Aptos could reach $10 if it breaks key resistance levels, especially if the bullish momentum continues.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Experts Call For $0.001 SHIB, But Can Shiba Inu Price Defy This Bearish Pattern?

Published

2 days ago

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September 17, 2024

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Shiba Inu price has been consolidating for most of the last months following the August 5 crash. There was a price outburst around August 20, but it was quickly quelled, and the asset dropped back into its range. Several crypto analysts think SHIB price is about to rip to $0.001, but is this truly the case? Technical analysis may tell a different story. 

Why Experts Think Shiba Inu Price is About to Surge

Over the past seven days, two analysts have predicted Shiba Inu price increase to $0.001. Krao shared a chart showing that the asset was currently consolidating and forecasted that at the end of the consolidation, SHIB would quickly delete two zeros.

shib

LuckSide, another analyst, has also projected that the SHIB price could surge to $0.001 as all factors are aligned for this rally. Some of his reasons for the bold prediction include whales acquiring 3 trillion SHIB in the last two days as large investors pulled out $4 million worth of SHIB from exchanges.

Will SHIB Price Rise Anytime Soon?

While Krao and LuckSide have merits in their analysis, there is reason to believe that the Shiba Inu price may not rise soon. Firstly, even though whales accumulating is a bullish sign, it doesn’t always translate to a number-go-up, especially when the charts tell a potential drop may be coming soon.

Moreover, Krao analyzes the data on a monthly timeframe, making the surge appear likely to happen sooner rather than later. This could be misleading, as shorter timeframes indicate a potential sell-off is imminent.

According to the Shiba Inu price 4-hour chart, there is a different story. The price action has formed a month-long head and shoulders, a bearish reversal sign. After the August 5 crash, crypto prices began surging as investors bought the dip. This H&S shows that the market decline is not over yet.

SHIB price currently has support at $0.00001280, which, if broken, could lead to an 18% drop, setting the price at $0.00001000. Conversely, SHIB price prediction shows if the meme coin bounced off the support, it could rally to the top of the range ($0.00001440) before trying to break out.

Shiba Inu Price
Shiba Inu Price Analysis Chart

The Federal Open Market Committee (FOMC) will be meeting tomorrow to make the decision on the U.S. interest rate cuts. This data will adversely affect the crypto market, including the SHIB price. Investors await a 25bps or 50bps, but there is still much uncertainty.

If Fed Chair Jerome Powell fails to cut rates, it may signal bearish sentiment, which could be the final nudge that pushes Shiba Inu below $0.00001280.

Frequently Asked Questions (FAQs)

Several analysts, including Krao and LuckSide, have forecasted a possible surge in Shiba Inu’s price to $0.001. They cite factors such as consolidation in price action and recent accumulation by whales. LuckSide highlighted that large investors have acquired 3 trillion SHIB in the past two days, suggesting that the demand could trigger a rally.

No, despite the predictions from analysts, there is no guarantee that Shiba Inu’s price will rise soon. Technical indicators, especially on shorter timeframes, show bearish patterns like the head and shoulders formation, which could result in a price drop.

The upcoming FOMC meeting could influence the entire crypto market, including SHIB. Investors are anticipating a possible U.S. interest rate cut of either 25 or 50 basis points. If the Federal Reserve Chair, Jerome Powell, chooses not to cut rates, it could spark a bearish sentiment in the market, potentially pushing SHIB below the $0.00001280 support.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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