The general crypto market has followed suit with significant losses that have led the market worth to go below $1.46 trillion. Investors and analysts are divided on whether it is the start of a prolonged bear trend or a temporary dip as Bitcoin continues a downtrend. LUNA, which depends on TerraUSD, dived from $87 to the press price of $4.5 in less than a week. This may not be the best time to recall the bet placed by the outspoken founder of Terraforms Labs, Do Kwon. Months of price appreciation were wiped out in a matter of a few days. LUNA is down by more than 95% in less than a week. Does that mean Do Kwon will lose his million-dollar bet? Meme coin assets are down this week following the rest of the crypto economy’s downward spiral.
Shiba Inu Analysis
Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures. On April 30th, the Shiba Inu(SHIB) price gave a bearish breakdown from a symmetrical triangle pattern. Following a week of retest phase, the sellers showed sufficient sustainability below the breached support trendline and extended the downfall. The coin price breached the crucial $0.000018 support, suggesting a further decline to $0.000012 support.
The four-month consolidation phase within the symmetrical triangle pattern ended in the sellers’ favor when the prince gave a bearish breakdown from the support trendline. The triangle fallout released the trapped bearish bottom and continued the prevailing downtrend. The post-retest fall reflected aggressive selling through five consecutive red candles, registering a 31% decline. Today, the SHIB price breached monthly support of the $0.000018 mark, with a 15% long bearish candle. On a contrary note, a sudden spike in bullish momentum would drive the SHIB price above the $0.000018 mark, and the resulting fakeout would force liquidation of the trapped sellers. the resulting buy order would drive the coin price above $0.000022
SMA– The sideways walk in the 50-and-100-day SMA accentuated the long consolidation in SHIB price. The declining 20-day SMA may offer immediate resistance during the bullish pullbacks.
MACD indicator: The MACD and the signal line extend the gap between them, indicating fast selling in the market. Moreover, the rising histogram chart displays rising bearish momentum.
- Resistance levels- $0.000018, and $0.000024
- Support levels are $0.0000122 and $0.00001
As the whole crypto market is in a bloodbath, this has made Floki Inu suffer a terrible downward trend. Floki Inu’s most respected support level by technical analysts, which is $0.000015, was broken this week. Floki with all technical indicators turning bears may suffer further downside potential. According to the Bitcoin correction index, if Bitcoin retests last year’s all-time low (ATL) which is $28,800 Floki Inu may move down to $0.000008.
The Floki Inu price trading below the crucial EMA(20, 50, 100, and 200) states a bearish trend. Moreover, the coin chart shows the 50-and-200-day EMA approaching a bearish crossover, attracting even more sellers in the market. The MACD indicator lines show a bearish crossover below the neutral zone, projecting a sell signal. The downsloping ADX(17) slope indicates the underlying bearish momentum is increasing.
- Resistance levels- $0.000015 and $0.0000165
- Support levels-$0.00001 and $0.000008
Technically, Floki Inu at this point is at a discount for the investors who believe in the project. Presently, Floki has lost 97% gained from its time high (ATH).
Wakanda Inu is having support at $0.0000000013 and the resistance at $0.0000000015. The bearishness is also confirmed by the low trading volume. If Wakanda Inu keeps trading above $0.0000000013, there is a possibility to see $0.000000002 shortly.
ELON is currently in a serious downtrend. The price has been going down and after it has broken the support zone, showing the sellers are having the upper hand. With ELON showing no strength and the price in a macro. There is no reason why it cannot go down to 0.000000677. The token needs a bullish momentum to flip the range highs and supply zone at 0.00000066. This would open up a move of more than 40%. As can be seen, the price has formed a swing failure pattern, if it starts to move back down to range lows, or break below, 0.000000571 is the likely next point of interest for bulls.
This current downtrend is what we can call the great bloodbath, this crash has even made one of the most respected coins Luna crash below $8. Coinbase CEO Brian Armstrong said on Wednesday that the exchange’s retail customers may not be able to recover their holdings in case of bankruptcy. The major institutional investors in BTC have lost more than $12 billion in the valuation of their assets, following the crypto market’s collapse after the Federal Reserve’s interest rate increase on May 4th.
Frankly speaking, if this crash moves bitcoin to $20,000, most altcoins and meme coins would die and be forgotten. Investors and traders should learn not to risk their entire capital in crypto. However, there is hope for the market because we could see recovery very soon.