Bearish Trend Indicates Whale Accumulation for SHIB & DTX Exchange: What Will Be the Extent of ETH Price Decline This Week?
After Monday’s decline in the cryptocurrency market, major cryptocurrencies such as Ethereum and Bitcoin are showing signs of weakness. The price of Ethereum dropped by nearly 10% on Monday, finding support around the $3,650 level. Meanwhile, the continuous rejection of Shiba Inu (SHIB) suggests that there is buying interest at lower levels.
Amidst this volatility, utility-driven projects like DTX Exchange have maintained their momentum. The presale of DTX Exchange has reached a milestone of $10 million, and crypto whales are redirecting their profits towards it. This accumulation indicates that DTX Exchange has the potential to generate a significant return on investment once it is listed.
Ethereum Price Analysis: Will the 20-day Moving Average Support Hold?
With increased volatility in the market, Ethereum has encountered challenges around the $4,000 level. This level is crucial as it represents both an all-time high and a psychological level. Following the recent drop from the all-time high, the price of Ethereum briefly fell below the short-term moving averages of 10 and 20 days, but quickly regained strength and rose above $3,500.
Currently, the price of Ethereum has found support at the 20-day moving average, while the 10-day moving average acts as a barrier. The relative strength index (RSI) has dropped from the overbought zone to 57, indicating profit booking in Ethereum. If the 20-day moving average fails to hold the price, the immediate support is at $3,450.
Bearish sentiments are increasing as the inflow of Ethereum ETFs reaches a record high without any breakthrough in price beyond the all-time high resistance point. However, future data suggests that traders remain confident and do not expect further declines in the price of Ethereum. Additionally, the recent drop in Ethereum’s price may be attributed to concerns about the global economic slowdown and its impact on the cryptocurrency markets.
Shiba Inu (SHIB) Burn Rate Drops, Negatively Affecting Price
The broader market correction has also affected the second largest memecoin, Shiba Inu (SHIB). It has dropped by over 20% from the monthly high of $0.00003344. The Fibonacci retracement from the high in March to the low in August shows that the price of Shiba Inu (SHIB) was rejected at the critical 0.618 FIB level. This could indicate a continuation of the downtrend that started in March this year.
The decline in Shiba Inu (SHIB) coincided with a significant drop in its burn rate. ShibBurn reported that the burn rate decreased by nearly 90%, resulting in only 413,412 SHIB coins being burned. This drop followed a massive burn of 250 million Shiba Inu (SHIB) coins in a single transaction on Friday. Since its launch, Shiba Inu (SHIB) has burned over 410 trillion coins, but there are still 589 trillion coins in circulation.
DTX Exchange Performs Remarkably: Presale Reaches $10 Million
DTX Exchange has emerged as the top presale of 2024, raising $10 million in the presale with 23,500 unique holders. This impressive performance by DTX Exchange (DTX) suggests that it may conclude the presale ahead of schedule and list on Tier-1 exchanges such as Binance and Coinbase.
DTX Exchange has developed the first hybrid protocol, enhancing the sophistication and competitive edge of its platform. It is also the only platform where traders can access over 120,000 instruments in popular assets such as stocks, commodities, and cryptocurrencies.
This DeFi platform is a preferred choice for traders due to its notable features, including 1,000x leverage and distributed liquidity pools. Experienced traders have praised it as one of the most efficient trading platforms, offering quick order execution.
With its unique infrastructure and potential to disrupt the exchange industry, DTX Exchange could eventually outperform Ethereum (ETH) and Shiba Inu (SHIB). Investors looking for exposure to innovative and trending sectors like cryptocurrency may consider DTX Exchange, whose Ethereum-based token is currently trading at a discounted price of $0.12.
Learn more:
– Buy Presale
– Visit DTX Website
– Join The DTX Community
