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Despite the sudden surge in selling pressure, Shiba Inu easily avoided a drop and secured the $0.000017 threshold to avoid a significant price correction, however, the prevailing market sentiment could push SHIB lower in value.
Shiba Inu has recently been able to hold a position at the $0.000017 level, a resilience that is notable given recent market activity, including high volumes of trading that have tested the network’s capacity.
The hack of the WazirX exchange, which led to the loss of trillions of SHIB tokens currently circulating in the market, was linked to an unexpected surge in trading. According to an update after the incident, WazirX had around $230 million in assets stolen, including 5.43 trillion SHIB tokens and other important cryptocurrencies such as ETH and MATIC.
The stolen SHIB was quickly sold by a hacker going by the name of WazirX Exploiter for 26,535 ETH, or roughly $92 million. The unexpected influx of SHIB tokens caused a significant increase in liquidity, but SHIB’s price was able to absorb the impact well.
Market makers like Wintermute have contributed greatly to stabilizing the market by purchasing SHIB from decentralized exchanges and depositing it on centralized exchanges for arbitrage trading. This action has reduced the likelihood of a price drop and highlighted the robustness and durability of SHIB’s market structure.
Solana performance recovery
Solana has been one of the strongest performers on the market in recent days and has every chance of gaining further momentum. These price levels are very important for the future of the asset and here are the price levels.
The 100 EMA level at $147 is a key support level for Solana. A breakout and sustaining above this level could provide a springboard for further gains and signal solid buying interest. Solana has rallied from this level in recent sessions, demonstrating resistance to the market-wide selling.
If Solana can hold this support, it could bolster investor confidence and open the door to higher price targets. The next level Solana may look to test is the recent resistance at the $165 level.
A credible breakout of this level could see the current bullish trend continue. Increased buyer interest could drive the price higher. This stage is crucial as it could determine whether Solana will continue to move forward or experience a temporary pullback.
The final level to watch is $185. This is a key resistance level that Solana has found difficult to overcome so far. If this level is breached, it could lead to new highs and attract the attention of many institutional investors. Breaking through this psychological barrier could result in faster profits as traders and investors try to ride the momentum.
Bitcoin’s Hidden Pattern
While the cup and handle pattern is usually an easy pattern to spot, its sloping version can be hard to spot. That could be the case with Bitcoin. If the pattern plays out, the value of BTC could rise significantly.
Typically marking a period of consolidation following a breakout, the cup and handle pattern is a bullish continuation pattern. A gradual uptrend, a rounded bottom, and a rally to a previous high combine to form a cup, creating a U-shape. A handle is characterized by a short period of consolidation or a small downward drift followed by a breakout to an all-time high.
A sloping version of this pattern can be seen on the current Bitcoin chart. A cup could be forming and the recent uptrend has created a rounded bottom. If Bitcoin continues to consolidate and forms a handle, a significant breakout could occur. The $66,000 level is important as it marks the upper limit of the cup.
A breakout above this level would suggest a significant bullish move and validate the cup and handle pattern. The $58,000 level represents a strong support area on the downside. This level must hold for the integrity of the cup formation to remain intact. If the pattern materializes as expected, Bitcoin could rise to $70,000. The cup depth plus the breakout point creates this target.
About the Author
Armand Sirignan
