Bitcoin and Ethereum Slumped while the Shiba Inu coin went up. The global crypto market cap is $1.73 trillion, a 0.71% decrease over the last day. The total crypto market volume over the last 24 hours is $55.62 billion, which makes a 17.14% decrease.
Bitcoin, the world’s biggest and best-known cryptocurrency, is currently $38,890.65. Ethereum, the second-largest currency in the crypto space, was trading at $2,567.53.
How do we see the future of Shiba?
Meanwhile, meme coin SHIB was up 0.47%, while Dogecoin fell by 1.78%. Cardano was up by 1.46% at $0.8065. Solana was down by 0.58% to $80.99.
Over the past two months, as global asset markets were whipsawed by an increasingly hawkish Federal Reserve and then Russia’s invasion of Ukraine, Bitcoin remained stubbornly in a range.
Only the briefest dip below $33,000; never above $46,000. As the sideways trading dragged on, Vladimir Putin’s war in Ukraine — and the sweeping financial sanctions heaped upon Russia in retaliation — added fuel to a long-running debate about crypto: Is it the ultimate haven from increasing governmental overreach? Just another risk-on asset class? Or a convenient tool for sanctions evasion crying out for stricter policing?
For technical analysts, the discussion is of a more prosaic nature; namely, identifying the numerical levels and trading patterns that might signify a sustained trend break. Something that could nudge Bitcoin out of its range and usher in either a strong recovery or another bear market.
Katie Stockton, the founder of Fairlead Strategies, uses trading patterns she calls the “daily cloud” and the “weekly cloud,” trend-following indicators that help identify technical support and resistance levels. Bitcoin will encounter its next resistance in the $50,000 to $51,000 area, she said by email Thursday. Her “secondary breakout” level: close to $55,000.
Bitcoin’s key tactical upside breakout zone remains between $44,550 and $46,000, according to Ron William, founder of RW Market Advisory. He cites so-called accumulation patterns, which have recently been supported by safe-haven flows triggered by the escalating geopolitical tensions.
If Bitcoin manages a sustainable break above key resistance at $45,000, that opens the door for $54,000 next, said Christopher Grafton, managing director at Vectisma Ltd.
The Bear Case
Jonathan Cheesman, head of over-the-counter and institutional sales at crypto exchange FTX, points to the 50-day moving average as well as recent lows around the $33,000 and $34,500 as levels to watch — with $29,000 being “the big downside level,” he said in an email Tuesday.
Far more bearish support would be at $20,000, according to William of RW Advisory. He says it’s both a psychologically important level and a target in a long-term regression analysis. Bitcoin hasn’t traded that low since December 2020.
Andy Dodd, a technical analyst at Louis Capital Markets, sees Bitcoin moving lower from the neckline of what he calls a “head-and-shoulders top pattern” — which yields a target of $16,100, he said by email Thursday. That’s 77% below the level Bitcoin peaked at in November.