Altcoins
Shiba Inu, Chainlink, Ethereum CEX collapse, price to recover?
In the latest developments, the 10 best exchange wallets for altcoins such as Shiba Inu (SHIB)Chainlink (LINK) and Ethereum (ETH) have seen a significant decrease in their holdings since May 27, 2024. To be precise, Shiba Inu exchange supply has shrunk by 2.4%, Chainlink by 2.9% and Ethereum by 8.6%.
Furthermore, such reductions in foreign exchange reserves are generally interpreted as bullish indicators by traders. Therefore, a price recovery potential could be observed for SHIB, ETH and LINK. Currently, all these cryptocurrencies are in the throes of a downtrend.
Shiba Inu (SHIB) Price Analysis.
At the time of writing, the SHIB price was $0.00002175, up 0.38% on Friday, June 14. This price movement places Shiba Inu at a crucial point, encountering a significant barrier at $0.000022. If Shiba Inu can break out of this resistance, it can rise to $0.000025, with a possibility of reaching $0.00003.
On the other hand, increased selling pressure could push Shiba Inu as low as $0.000021, and it could fall further to $0.00002 if market sentiment deteriorates. However, technical analysis indicates that SHIB may be entering a consolidation phase. The MACD indicator reveals a convergence towards the signal line, suggesting a possible slowdown or reversal of momentum.
Source: Santimento | X
With the MACD line currently below the signal line, it indicates weak bullish momentum. Currently, the Shiba Inu RSI is at 37, suggesting a neutral market position, as the SHIB is neither overbought nor oversold. However, the RSI is near 30, which signals that an oversold condition is looming. Following such conditions, the price generally rebounds.
Additionally, reduced supply of Shiba Inu due to dwindling foreign exchange reserves and frequent fires could also catalyze a recovery. On the other hand, most of the oscillators and moving averages on the daily chart are issuing sell signals. The 50-EMA being above the 20-EMA suggests a potential downtrend.
Read also: Shiba Inu Coin Bull Run ahead as the SHIB burn rate increases further
Chainlink (LINK) Outlook
At press time, Chain shirt it is trading at 15.32 dollars, down 0.90%. This decline triggered long liquidations, accounting for more than 95% of total liquidations, signaling a short-term price decline. However, the decrease in foreign exchange reserves could lead to a rebound in the long term due to the reduction in supply.
Declining stock market supply often indicates accumulation by investors, which can drive prices higher as supply decreases. Furthermore, Chainlink price has sustained a profit of over 14% over the past 30 days despite the recent bearish turn. Therefore, it may reflect momentum for a reversal as LINK’s open interest has also increased.
Ethereum (ETH) prospectus after ETF approval
According to Santiment, Ethereum’s trading supply saw the most significant reduction among the three cryptocurrencies, falling 8.6%. This substantial decrease is viewed positively by bullish traders as it could indicate strong accumulation and potential for future price increases.
Recently, the Ethereum market narrative has also been shaped by regulatory developments. Crypto analyst Michaël van de Poppe highlighted a statement by SEC Chairman Gary Gensler, suggesting that an Ethereum ETF could list over the summer. This anticipation signals a final correction before a substantial price increase, according to Poppe.
The approval of Spot Ethereum S-1 ETF documentation is expected to have a profound impact on the price of ETH. It could potentially push the price of ETH above $4,000 soon after the ETF listing. Furthermore, Standard Chartered predicted that this development could even push the price of Ether to surpass $8,000 by the end of the year. Such optimistic forecasts are supported by the expected influx of institutional investments following the ETF’s approval.
Read also: The whale heavily attacks SHIB, ETH, CRV and others: what will be the next step?