Skip to main content

Biggest Movers: SHIB Nears 6-Month Low, Whilst LTC Drops by 4% on Wednesday

Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing.

Shiba Inu (SHIB)

Shiba inu (SHIB) fell below a key support point earlier in today’s session, moving closer to a six-month low as a result.

Following a high of $0.000008784 on Tuesday, SHIB/USD dropped to a intraday low of $0.000008398 earlier in the day.

This drop resulted in the meme coin falling below a key support point of $0.000008500, approaching its lowest point since January 8.

From the chart, it appears that the latest decline comes as the 14-day relative strength index (RSI) moved towards a floor at 32.00.

At the time of writing, the index is tracking at 33.76, following a failed breakout of a ceiling at 44.00.

Should price strength fall to the aforementioned support point, there is a good chance SHIB will hit a new six-month low.

Litecoin (LTC)

Litecoin (LTC) was another notable mover on Wednesday, as prices plunged by as much as 4%.

LTC/USD dropped to a low of $88.35 earlier in the day, which comes less than 24 hours after hitting a high at $92.59.

It appears that this latest decline comes following a failed breakout attempt of a ceiling at the $93.50 mark in recent days.

In addition to this point of resistance, the RSI ran into a hurdle of its own at the 57.00 mark.

As of writing, the index is tracking at 50.35, which is marginally above a recent support at the 50.00 level.

LTC has somewhat rebounded from earlier lows and at the time of writing, is trading at $89.08.

Register your email here to get weekly price analysis updates sent to your inbox:

Will litecoin move back above $90.00 this week? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/jyr9WRU
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more