Skip to main content

Biggest Movers: SHIB Remains Close to 21-Month Low Following Recent Bear Run

SHIB Remains Close to 21-Month Low, Following Recent Bear Run

Despite a slight rebound in price, shiba inu remained near its lowest level in 21 months during Friday’s session. Overall, the global cryptocurrency market cap was marginally higher, climbing by 1% as of writing. XRP was an exception, dropping to a three-week low today.

Shiba Inu (SHIB)

Shiba inu (SHIB) moved away from its lowest point in almost two years, as crypto bulls swept in to buy the recent dip in price.

Following a bottom of $0.00000653 on Thursday, SHIB/USD rose to a high of $0.00000682 earlier in the day.

This rally resulted in the meme coin moving away from last Saturday’s bottom at $0.00000600, which is the weakest point price has hit since September 2021.

Looking at the chart, the sell-off has eased, which came as SHIB began consolidating around a key support point of $0.00000635.

Overall, sentiment in the meme coin remains significantly bearish, with price strength tracking below the 30.00 level.

At the time of writing, the relative strength index (RSI) is tracking at 25.62, after bouncing from a recent floor at 21.00.

XRP

On the other hand, XRP, formerly ripple, extended a recent downtrend, with the token falling to a fresh multi-week low.

XRP/USD plunged to an intraday low of $0.4601 on Friday, a day after trading at a peak of $0.4833.

As a result of this decline, XRP fell by nearly 4% in today’s session, dropping to its lowest point since May 26 in the process.

In the last seven days the token has lost nearly 14% of its value, which comes after the price rose to a ten-week high on Tuesday.

Initially, it appears that bulls were likely capturing profits and liquidating their positions, however sentiment shifted, with bears using this as an opportunity to reenter the market.

Should this current trend continue, there is a good chance that XRP will hit a floor of $0.4200 in the near future.

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

What else could be behind this dip in XRP? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/ZYVPK48
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

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

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