Will SHIB be able to get back above $0.00001?

The crypto-currency market rally continues, with most assets ready for a rally and having posted solid gains over the past three days. However, some crypto-currencies certainly need some extra help.

The Return of the Shiba Inu

Meme coins and tokens were among the first casualties of the latest market disaster: SHIB lost more than 30% of its value, Doge’s performance negated 80% of the recovery we saw earlier, and even smaller coins suffered double-digit losses.

However, over the past few days, Shiba Inu has been deliberately trying to get back into the pre-FTX trading range, but the lack of trading volume in the market shows a bleak outlook for the token.

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Over the past two weeks, Shiba Inu’s volume profile has been descending, showing a gradual outflow of funds from the token that will most likely lead to a corresponding price performance.

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Various social indicators show a lack of risk appetite among investors. Such a trend will most likely prevail in the market until major assets like Bitcoin and Ethereum enter upward trends and move away from multi-month lows.

From a technical standpoint, there is nothing to stop Shiba Inu from entering recovery mode. The nearest resistance level on the asset’s daily chart is located above the $0.00001 threshold, and the relative strength index suggests that SHIB is close to being oversold.

Altcoins are preparing for a rebound

As Shiba Inu struggles to keep pace with the rest of the market, assets like Chainlink are hitting the lower end of their trading channels and preparing for an upward bounce.

Over the past 10 days, LINK has struggled against the existing selling pressure in the market and has not been able to break the downtrend despite a rally in various cryptocurrencies. The trading volume also suggests that LINK is not the first choice of investors today.

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As far as Ethereum and Lido Finance are concerned, they have stood out from the rest of the market with solid gains over the past two days. The main reason for this is the increase in staking returns on Ethereum and a sudden spike in the number of validators.

Given that Lido Finance remains one of the largest holders of Ethereum in the market, it’s no surprise that investors are choosing it as their primary means of gaining exposure to post-merger Ether.

However, the lack of positive factors around the crypto-currency market and the lack of clarity around the FTX situation has caused a further correction that has pushed the price of most digital currencies back to their lows and even reversed some of the gains they experienced a few days ago.

Today, the total capitalization of the crypto-currency market is currently sitting at $834 billion after hitting $850 yesterday. Most experts believe that the current trend will continue until the Fed announces its decision at yet another FOMC meeting regarding the policy rate in the country.

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