Bitcoin, Ethereum, Dogecoin, and Shiba Inu have all seen their prices dip today. While the reasons for these dips are not entirely clear, they come at a time when the overall crypto market is seeing a bit of a pullback.
Bitcoin is currently trading for around $19,752, which is down around 8% from its intra-day high of $20,669. Ethereum is down a similar amount, currently trading at $1,487, after reaching an intra-day high of $1,576. Dogecoin is down even further, currently trading at $0.1017, which is a little over 9% below its intra-day high of $0.1125. Shiba Inu is also down 7%, currently trading at $0.00001097.
Bitcoin(BTC) price corrects lower
Bitcoin(BTC) looks poised to make a move lower in the near-term. Traders should be on the lookout for a break below $19,000 as it could signal further downside. Support is present around the $19,000 level. A move below this level could take BTC down to $8,500.
On the upside, resistance is present around the $22,000 level. A move above this level could see BTC test higher levels.
However, with the current Elliott Wave count, it seems more likely that Bitcoin(BTC) will move lower in the near term.
Therefore, traders should be on the lookout for a break below $19,000 as it could signal further downside. Support is present around the $19,000 level. A move below this level could take Bitcoin(BTC) down to $18,500.
Ethereum(ETH) price faces the fallout
Ethereum’s price is losing altitude as it breaks below a crucial ascending trend line. The bearish move could see ETH drop to $1,200 if bulls fail to defend the $1,400 level. A breakdown of on-chain data reveals that roughly 9 million ETH held by 3 million addresses will become “Out of the Money” if prices drop to $1,200.
The number of ETH addresses holding a balance in “red” is on the rise as prices fall below key support levels. Ethereum’s price is teetering on the edge of a cliff as it breaks below a crucial ascending trend line.
On the 4-hour chart, ETH/USD has formed a bearish engulfing candlestick pattern. This is typically seen as a bearish reversal signal, and if Ethereum closes below $1,400 in the next few hours, it could mark the start of a more significant sell-off.
Dogecoin(DOGE) price analysis for 24 hours
At press time, Dogecoin(DOGE) price is trading at $0.1018, down 9.73% in the last 24 hours. The cryptocurrency has a market capitalization of $16 billion and is ranked 8th by market cap.
In the short term, the strongest resistance level for Dogecoin is at $0.1549. A break above this level could see the price rise to $0.1750 in the near term.
On the other hand, if the price of Dogecoin falls below $0.1018, it could find support at $0.0850. A break below this level could see the price fall to $0.05 in the short term.
Overall, the outlook for Dogecoin is bearish in the short term. However, the long-term prospects for cryptocurrency remain positive as it continues to gain mainstream adoption.
On the 4-hour chart, the Relative Strength Index (RSI) is nearing oversold territory with a reading of 34.32. This suggests that the recent sell-off in the Dogecoin price could be overextended and a bounce higher could be imminent.
Similarly, the 4-hour MACD indicator is bearish but is beginning to flatten out which suggests that momentum is beginning to turn in favor of bulls.
Shiba Inu(SHIB) price faces a decisive moment
At the time of writing, Shiba Inu(SHIB) is changing hands at $0.00001097, down 7% on a 24-hour adjusted timeframe. The meme coin created a Doji candlestick on the 4-hour chart, signaling indecision among market participants. A bearish breakout of the Doji pattern could result in a sell-off to $0.0000092 support.
Alternatively, a move above $0.0000120 would invalidate the bearish setup and could lead to an upsurge toward $0.0000131 resistance.
Shiba Inu(SHIB) price is facing a brutal rejection at the $0.00001320 resistance level after multiple attempts. A continuation of this downtrend could knock SHIB to a key level at $0.0000092 unless the meme coin can flip $0.0000120 into a support floor.
Conclusion
The crypto market is seeing a bit of a dip today, with Bitcoin, Ethereum, Dogecoin, and Shiba Inu all experiencing price decreases. The reasons for these dips are not entirely clear, but they come at a time when the overall crypto market is seeing a bit of a pullback.
