Data Speaks: These Are Next for SHIB, Bitcoin and ETH!

On-chain data showed a negative outlook for Bitcoin and Ethereum as network activity continued to deteriorate. However, massive whale purchases put the Shiba Inu (SHIB) one step ahead of the race.

On-chain data reveals Shiba Inu (SHIB) rising whale appetite

According to information provided by WhaleStats, ‘Galion’, the 130th largest Ethereum whale, has bought 272 billion Shiba Inu (SHIB) for $3 million. Typically, big wallet investors tend to buy SHIB before a big rally. This time the whale’s average purchase price was $0.0000109.

Despite the growing whale appetite and the imminent launch of Shibarium, a layer 2 scaling assay, the Shiba Inu price continues to struggle. The second largest chest token has failed to flourish for a long time. However, some analysts continue to rise in the Shiba Inu. Tony Montpeirous, technical analyst at FXStreet, expects the Shiba Inu price to rise to the September high of $0.00001401 if the market is indeed bullish. This will mean a 20% benefit at the current price of the Shiba Inu. But as always, this rally is linked to Bitcoin’s price movements.

Altcoin market awaits Bitcoin, but leading crypto lacks power

Bitcoin and Ethereum are losing strength as network activity continues to deteriorate. Volatility has hit the cryptocurrency market, leading to more than $160 million in liquidations in the last 24 hours. Bitcoin and Ethereum are now sitting on the weaker footing. This threatens the entire market with greater risk of losses.

From an on-chain perspective, investors show little interest in accumulating Bitcoin at current prices. Addresses holding Bitcoin in the middle of 1000 to 10,000 sold about 50,000 BTC last week at a cost of around $950 million. Increasing selling pressure is likely to take its toll on Bitcoin price soon.

Transaction history shows that Bitcoin is sitting in a valuable supply wall with several valuable demand walls below it. About 1.26 million addresses bought 685,000 Bitcoins at an average price of $19,000. Another drop will encourage these traders to exit their positions to avoid further losses. Considering the lack of underlyings, BTC is at risk of $16,240.

Bitcoin needs to retake $19,000 as soon as possible to invalidate the pessimistic view. If successful, it will mark a very valuable break above the $20,000 spiritual level. As such, it will start a true bull walk to the recent local top of $20,390.

Ethereum will be critical for bulls at $1,420

Ethereum has also been quite volatile in the last 24 hours. According to IntoTheBlock information, since September 26, the number of addresses joining the network has increased from 64,000 to 80,000. This will often be a bullish sign.

However, Ethereum dropped below $1,420 on September 18. So far it has not been able to recover the key level. $1,420 is considered a valuable benchmark for Ethereum as it was the top of the 2017-2018 bull run. IntoTheBlock’s IOMAP model shows that further downside pressure could take Ethereum to $1,180, with 500,000 addresses holding around 1.19 million ETH. However, if this baseline fails to hold, the correction could extend to $1,000.

end. Secondly, Ethereum needs to rise above $1,300 to invalidate the bearish thesis. It should also make a daily close above this level. If successful, his home goal will be $1,450. Koindeks.comAs you follow, Ethereum is currently trading at $1,331.87.

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