The crypto market started the year treading on a tight wire and situation keeps getting worse by the day, with the entire crypto market cap dropping below the $2 trillion mark late on Thursday according to data from CoinMarketCap. Meme coins have not been left behind as they dropped both in price and market value.
Shiba Inu is close to reaching the target of the descending channel at $0.00002813 as analysed on Thursday and was in the process of defending the $0.000030 support level. At the same time defied buying pressure from the $0.16 level and fights to secure support from the $0.1498 level. FLOKI and other small-capped altcoins were also seeking strong support levels to mitigate losses.
Dogecoin stares into an Abyss As $0.1241 Beckons
The pioneer meme coin trades in the red at $0.1554 at the time of writing and has formed a descending triangle on the daily chart. As Extreme Fear (15/100) grips the crypto market as shown by Alternative’s Crypto Market Fear And Greed Index with most investors worried that the market would tumble further. Hence, Dogecoin is likely to lose balance and begin another move towards the target of the prevailing chart pattern at $0.1241, representing a 19.27% drop from the current price.
DOGE/USD Daily Chart
Shiba Inu On Last Line Of Defence: Time To Buy?
Shiba Inu tanked below the $0.000030 psychological level for the first time since December 20, 2021. This has caused the price of the self-claimed “Doge-killer” drop to lows of around $0.00002812, coinciding with the December 20 low. This is the last line of defence for SHIB which if lost, would trigger massive sell orders that are likely to plunge SHIB further.
On the upside, the 12-hour chart paints a light double-bottom chart with a potential for guiding Shina Inu’s recovery back to $0.000040.
SHIB/USD 12-Hour Chart
Floki Inu Paints Oversold Conditions
FLOKI continued the downtrend after a failed attempt to $0.00010 earlier in the week. Support at $0.0009063 did little to stop overhead pressure this time around with the token extending to discover support at $0.0007176. Failure to hold this support could see FLOKI drop to tag the $0.0006043 support wall.
However, the Relative Strength Index (RSI) has displayed oversold conditions for Floki Inu price as seen on the daily chart. This suggests that the downtrend is perhaps coming to an end and recovery is on the cards.
FLOKI/USDT Daily Chart
Gains above $0.0009063 are needed to kick-start the uptrend and a rise above the downtrend line at $0.00010 will see Floki Inu display a clear bullish breakout upwards.
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?