The bullish trend in Shiba Inu came to a halt on Thursday, with bearish sentiment pervading the cryptocurrency markets. This downturn was concurrent with a 1.50% decline in the overall global cryptocurrency market capitalization. Toncoin also experienced a dip as investors opted to lock in their recent profits.
Shiba Inu (SHIB)
In today’s trading session, Shiba Inu (SHIB) witnessed a downward movement, concluding a three-day phase of gains.
Having reached a high of $0.000007527 on Wednesday, the SHIB/USD pair retreated to a low of $0.00000725 earlier in the day.
This decrease transpired as bullish traders failed to push the price past a resistance level of $0.00000755, thereby succumbing to downward market forces.
SHIB/USD – Daily Technical Analysis
According to the daily chart, the reversal in momentum seems to have occurred after the Relative Strength Index (RSI) was unable to break through a critical upper limit.
The RSI could not surpass a resistance level set at 43.00 and is currently registering at 40.09.
If the price continues its downward trajectory in the coming days, it may find support around the $0.00000710 level.
Toncoin recorded a substantial decline of up to 7% on Thursday, coming after the asset had achieved its highest valuation in the last nine months.
The TON/USD pair dipped to a daily low of $2.31, after having touched $2.49 less than a day prior.
The decline can be attributed to Toncoin investors choosing to lock in their profits, particularly after the cryptocurrency had ascended to its most robust position since the end of January.
TON/USD – Daily Technical Analysis
The asset had been significantly overbought in the past several days, as evidenced by its RSI which now stands at 65.19.
The next potential support level for the asset appears to be at 56.00, indicating that further profit-taking activities could be anticipated.
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Frequently Asked Questions (FAQs) about Cryptocurrency Market Shifts
What is the main topic of the article?
The main topic of the article is the recent market shifts in the cryptocurrency world, focusing specifically on Shiba Inu (SHIB) and Toncoin (TON). It examines how both cryptocurrencies have witnessed price corrections after recent gains.
What happened to Shiba Inu’s price?
Shiba Inu’s price experienced a downward movement, ending a three-day bullish streak. After reaching a high of $0.000007527, the SHIB/USD pair dropped to a low of $0.00000725. The price decrease occurred as bullish traders were unable to push the price beyond a resistance level of $0.00000755.
Why did Toncoin experience a decline?
Toncoin saw a decline of up to 7% after recently reaching its highest value in nine months. The TON/USD pair dropped to a daily low of $2.31, after having touched $2.49 less than a day prior. The dip can be attributed to investors choosing to secure their gains.
What technical indicators are discussed for Shiba Inu and Toncoin?
The article uses the Relative Strength Index (RSI) as a technical indicator for both Shiba Inu and Toncoin. For Shiba Inu, the RSI failed to break a key ceiling of 43.00 and currently stands at 40.09. For Toncoin, the RSI, after tracking deep in the overbought region, now stands at 65.19.
What are the potential support levels for Shiba Inu and Toncoin?
If Shiba Inu’s price continues its downward trajectory, a likely support level could be at $0.00000710. For Toncoin, the next potential support level could be at 56.00, indicating that further profit-taking could be on the horizon.
How can readers stay updated with cryptocurrency market trends?
The article offers an option to register your email to receive a weekly technical analysis report, providing a summary of the most significant cryptocurrency news and trends for the week.
More about Cryptocurrency Market Shifts
- Weekly Cryptocurrency Market Analysis Report
- Shiba Inu Price Charts
- Toncoin Price Charts
- Understanding Relative Strength Index (RSI)
- Global Cryptocurrency Market Capitalization
- Cryptocurrency Technical Indicators Explained