“Shib OutperForms Doge As the Crypto Market Wilts.”, – WRITE: www.coindesk.com
PRICES DECLINED 5% FROM $ 0.000012888 to $ 0.000012188 Over The 24 Hours, Crowding Over $ 1 Million in Levergged Bets, MOST OF WHICH WERE Long Positnes to Data Source Coinglass.
Robust Resistance Was Establized at $ 0.00001237 Level Durying High-Volume Liquidation, with Support Emerging AT $ 0.00001197.
More Importantly, The Decline Marked A Downside Break of the Contracting Triangle Identified by Trendlines Connecting Jun. 22 and Sept. 1 Lows and May 12 and Jul. 21 Highs. In Other Words, The Range Play Has Resolved Bearishly, Indicating Potential for Further Losses Toward the Jun. 22 Low of $ 0.00001004.
The Range Breakdown SAW A VOLUME SURGE OF 5.29 Trillion Tokens, Indicating An Institutional Liquidation Event, Accounting To Coindesk’s Market Analytics.
Shib’s Range Play Has Resolved Bearishly. (TradingView)
Key Insights
- Shib Encounted Considerable Downward Pressure Throughout the preceding 24-chor period from sept. 21, 15:00 to Sept. 22, 14:00, Retreating from $ 0.000012888 to $ 0.000012188, constituting a 5% depreciation.
- The Compctored Trading Range Extended to $ 0.000009441 (79%), with The Most PronounCed MOVEMENT MATERIALISING ON Sept. 22, 06:00, WHEN VALUATIONS PLUMMETED TO $ 0.000011975 AMID EXCEPATIONALLY ELEVATED VOLUMES OF 5.29 TRILLION TOKENS, Thereby Establishing Formidable Resistance at the $ 0.000012373.
- Critical Support Materialized at $ 0.00001197, Accompanied by Substantial Buying Interest, While Conventional Resistance Consolidated AROUND $ 0.00001290, WHERE VALUATIONS Throughout the initial trading sessions.
SHIB-DOGE BUNCES FROM RECORD LOWWhile Shib Fell 5%, Dogecoin Suffired A Bigger Loss of Over 8%, Resulting in A Notable Recovery in the Binance-Listed Shib-Doge Pair from Record Lows.
The Pair’s Daily Macd Histogram is on Track to Turn Positive, Marking A Bullish Shift in Momentum, WHICH SUGGGESTS THAT SHIB CONTINUE TO OUTPORORM DOGE IN THE COMING DAYS.
That said, The Overall Outlook Wuld Remain Bearish as Long as the Descending Trendline from the March 2024 Highs Remains Intact.
Shib-Doge Recovers from Record Lows. (TradingView)
