💥💥💥 Shiba Inu ($SHIB ) Price Drop Analysis: $0.000017 Loss? Key Solana ($SOL ) Levels to Watch and Must-See Bitcoin ($BTC ) Chart Pattern
Shiba Inu Holds Steady Amid Market Pressures
- Despite recent selling pressures and high transaction volumes, Shiba Inu (SHIB) has remained stable at around $0.000017. This stability is notable given the network's recent stress test.
Impact of WazirX Hack
- The WazirX exchange hack, which resulted in the theft of $230 million in assets including 5.43 trillion SHIB tokens, initially put pressure on SHIB's price. The stolen SHIB was sold for approximately 26,535 ETH ($92 million). Despite this influx of tokens into the market, SHIB's price remained relatively stable.
Market makers like Wintermute helped stabilize the price by facilitating transactions between exchanges, highlighting SHIB’s market resilience.
Solana’s Performance and Key Levels
Solana has shown strong performance recently, with key levels to watch:
- $147 EMA Support: A crucial support level. Holding above it indicates strong buying interest and potential gains.
- $165 Resistance: Currently being tested. Breaking above this could signal continued bullish momentum.
- $185 Resistance: A historically challenging level. Surpassing it may lead to new highs and attract institutional interest.
Maintaining above these levels is essential for Solana’s upward momentum.
Bitcoin’s Cup and Handle Pattern
Bitcoin might be forming a hidden cup and handle pattern, a bullish continuation setup:
- The Cup: A rounded bottom formed by a gradual rise and fall.
- The Handle: A period of consolidation or slight decline before a breakout.
The $66,000 mark is crucial for confirming this pattern. A breakout above this level could drive BTC to new highs, potentially reaching $70,000. Support at $58,000 is vital to maintain the pattern’s integrity. If the pattern develops as expected, Bitcoin could see significant gains soon.
Source - u.today
