Crypto Market Analysis: Shiba Inu (SHIB) And Binance Coin (BNB) On The Edge Of Severe Downturn
Shiba Inu and BNB coin have recently been in the spotlight because of their latest developments. While Shiba Inu is creating excitement with the introduction of Shibarium, it also faces challenges. Simultaneously, Binance Coin is in trouble due to Binance’s regulatory issues and significant liquidations on the Venus protocol. Consequently, there are rising concerns about potential sell-offs affecting the prices of SHIB and BNB.
Traders Prepare For Increased Volatility
Shortly after the launch of Shibarium, it faced a delay of over eleven hours, causing millions of dollars to be trapped on a bridge – a mechanism that moves tokens between various networks. During this period, SHIB’s value dropped by 10%, bringing another price drop amid the market crash. However, Shibarium is now ready to relaunch in the market.
On the other hand, BNB is facing challenges in attracting buyers as it approaches a nearly 1-year low after significant liquidations. Additionally, Binance’s halt on withdrawals and deposits in Europe and news about Binance offloading Bitcoin to support BNB’s price, stirred the market, resulting in minor sell-offs.
Shiba Inu (SHIB) Price Analysis
The bulls have successfully maintained Shiba Inu above the crucial $0.0000078 support level in recent days. Moreover, they are attempting to trigger a significant rebound from that level.
The weak rebounds indicate a bearish sentiment, suggesting that bulls aren’t purchasing SHIB near the support levels aggressively. This might leave room for bears to drive the price below the support line, strengthening selling positions.
If the price falls below $0.0000076, it might plummet toward the next substantial support zone at $0.0000068-$0.000007. However, this level might bring some consolidation to the meme coin.
On the flip side, if the price rises from its current position, it suggests that buyers are lured by the lower rates. SHIB price could then surge toward the moving averages. Surpassing the 20-day EMA might first send the price to $0.00000883 and then to $0.00001043.
BNB Price Analysis
BNB continues to decline to its bottom levels, with bears maintaining control below the EMA20 trend line, hinting at their attempt to transform the $220-$225 region into a strong resistance. However, bulls are defending an immediate decline. As of writing, BNB price trades at $206, declining over 2% in the last 24 hours.
If the price fails to gain buying pressure above $200, it might drop below the crucial $197 support. The BNB could quickly plunge below multiple Fib channels, potentially reaching significant support at $183.5 thereafter.
However, bulls still have control for a reversal. To turn things around, they must push and stabilize the price above the marked resistance zone. The price might then ascend above the 100-day EMA, which could serve as a critical obstacle once more.
