Shiba Inu became the most popular crypto coin in terms of internet search in October, making an impressive surge that month, which sent it more than 10 times higher in value and market cap. Although, since then this cryptocurrency has been on a steady downtrend, giving up most of the gains as it declined from $0.000090 to $0.000026 earlier this year.
We have seen several attempts to reverse the downtrend, but they have all been weak and the bearish trend has continued. Last week we saw the latest pullback higher, but the 20 SMA (gray) stopped the climb in SHIB/USD on the daily chart and it seems that the downtrend is resuming again today. The price climbed above $0.000030 but has slipped back down again. That latest bounce happened over rumors on social media that the well-known trading app Robinhood could be listing the Shiba Inu soon.
But, the interest in the memecoin which is one of the key drivers of price action, has been declining steadily since October. Google Trends shows that search terms such as “Shiba Inu coin” and “Shiba Inu” have been seeing lower levels of activity in online searches. This seems to have contributed to the decline of the SHIB coin, although we are looking to buy this coin lower, perhaps toward $0.000020.
Fantom Pulls Back Just Ahead of October Highs
FTM/USD failing to claim new highs today
Fantom has been showing strong buying pressure in the last month, since the retreat ended in December at the 200 daily SMA (purple). In the second half of December, we saw a strong rally after reversing at the 200 SMA around 1.20, taking the price to $3.20
After the pullback in the first week of January which was quite bearish for the crypto market, moving averages came into help again and now the price heading for the highs. Today we are seeing a retreat after the price climbed to $2.40, showing that there is still selling interest around that zone, but I’m sure FTM/USD will make new highs above $3.50 soon.
