Key Insights:
- Shiba Inu was the only crypto to have substantial growth in the last 24 hours.
- Ethereum continued its week-long streak of red candles marking a 17% decline.
- Bitcoin fell below the $20k mark at the time of writing.
The crypto market was expected to be in recovery by this week, but after a decent rise throughout last week, the market caved, and altcoins sank again.
Currently, only Shiba Inu is heading the few altcoins that are still in the green, the rest of the altcoins are following their king.
Not Bitcoin, the Other King
The altcoins king, Ethereum, is making no different moves than the rest of the market, and neither has it been doing that for the past few days.
This is because the asset is currently only dependent on the broader market cues since, in itself, Ethereum’s ecosystem isn’t going through any significant development.
Thus, over the last four days, ETH has declined by more than 17% and is going to continue going down that path.
This is because price indicators are flashing clear indications of a downfall, with the Parabolic SAR already exhibiting an active downtrend given the presence of the white dot above the candlestick.
Secondly, the MACD is highlighting a bearish crossover taking place over the new couple of days, with the red bars indicating the rise of bearish pressure.
Already trading at $1032 at the time of writing, ETH is inching closer to losing the $1k mark and depreciating further.
Shiba Inu Rises, Albeit a Little
When the entire market is noting price falls and the only coins to do well are closing at +0.4%, a 2% rise is enough to leave a mark, and that is precisely what Shiba Inu did. Despite having no bullish support from the market, SHIB managed to close in green at $0.00001024.
Although this is the most, it will be able to achieve since a 15.52% decline from the 48 hours before yesterday has a stronger influence on the asset.
For now, the 53.32% recovery is safe from being wholly invalidated since price indicators aren’t indicating a sudden drop in price.
The 50-day Moving Average, although it acts as resistance, isn’t too far away from the candlestick. Secondly, the Relative Strength Index (RSI) is teetering at the edge of flipping into the bearish zone. But as long as it can keep at the neutral line, SHIB will be safe from a severe price swing.
