Yesterday, we saw a big crash in the crypto market, which some are blaming on large financial institutions, like the IMF and the World Bank, after El Salvador implemented its plans to make Bitcoin legal tender yesterday. Many major cryptocurrencies lost around 30% of their value, while some others, like Ripple coin, lost around 40%.
Shiba Inu Coin Analysis – The Range Still Holds for SHIB/USD
Meme coins were among the biggest losers, which wasn’t a big surprise, given the weakness we have seen in them, while the rest of the market has turned bullish in the last few weeks. Shiba Inu coin lost around 50%, as it fell from $0.0000075 to $0.0000050s.
It became obvious that when the sentiment turned negative in the cryptocurrency market, meme coins would be the biggest losers. Shiba Inu coin wasn’t making higher highs, like the other cryptos. Instead, it was trading within the range into which it fell, back in May. Moving averages had been providing resistance at the top since June, appearing one after the other, while the sentiment has been bearish since the middle of August.
SHIB/USD
Roughly, the trading range in SHIB/USD stretches between $0.0000057 at the bottom, and $0.0000094 at the top, although, Shiba Inu coin pierced below the support and fell to $0.0000050 yesterday. That was a major break, but the price pulled back up and closed the day above the support line, which was consoling for Shiba Inu buyers. Today, sellers had another go, pushing the price below the support once again, but it has pulled back up, so let’s wait and see where Shiba Inu closes. The selling pressure has diminished now, but this digital token remains weak.
Binance Coin Analysis – BNB/USD to Bounce Off MAs Soon and Resume the Uptrend
Binance coin held well during the bearish times in the crypto market. It was making higher lows in previous months, when many other cryptos were making lower lows, as they continued to decline. The 200 SMA (purple) was acting as support on the daily chart, and the BNB/USD has gained around 130% in value in recent weeks, since the sentiment turned bullish in the crypto market.
Binance coin pushed above the resistance level at $435, and the 20 SMA (gray) turned into support on this timeframe. The decline yesterday sent this digital coin around $150 lower, although the moving averages came to the rescue again. The 100 SMA (green) held the decline yesterday, with the 200 SMA (purple) standing just below. So, the decline has stalled at these moving averages, and we decided to open a buy Binance signal here, since the stochastic is becoming oversold as well.
BNB/USD
