The Shiba Inu (SHIB) price is about to start exploding due to the adoption of the Shiba Eternity game. The recently launched game has been attracting a lot of attention. There are also other Shiba Inu products that might be launching soon and will make SHIB do very well in the market.
The Shiba Inu metaverse and the layer-1 scaling protocol, Shibarium, are some of the key products that the crypto community is waiting.
The launch of these products and more upcoming developments will be key in growing the Shiba Inu price in the next few days.
Google Cloud to Let Users Pay With Dogecoin Via Coinbase
Google announced the deal at this year’s Cloud Next, said that it will use Coinbase to accept crypto payments for cloud services early next year. Dogecoin provides users easy access to leverage cryptocurrency and blockchain technology to control their assets and generate passive income. A significant feature of the DOGE is its seemingly ridiculous low transaction fee, attracting more users to the fun crypto.
Users can also decide to hold their DOGE assets on an exchange or in their Dogecoin wallet. Dogecoin has survived years of volatile crypto markets because it was founded on something pure: memes, humor, and love of dogs.
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Shiba Inu will soon be listed on Bitmex a well-known crypto exchange
One of the most well-known cryptocurrency exchanges, BitMex, announced that six new cryptocurrencies will soon be listed on its platform. Among others, the Shiba Inu token, SHIB, will be available for trading on BitMex.
Thanks to the listing, users will be able to convert, deposit and withdraw SHIB to their exchange accounts.
Shiba Inu remains a largely held asset for various categories of whales. According to the crypto data tracker, Shiba Inu flipped another token to rank as the biggest holding in dollars for the top 100 ETH whales, a position which it continues to hold at press time.
New wave of interest in Dogecoin triggered as Elon Musk resumed his deal of Twitter
Last week it became known that Tesla boss, centibillionaire Elon Musk had resumed his paused deal on purchasing Twitter behemoth for $44 billion. That news triggered a new wave of interest in Dogecoin since earlier this year Musk suggested implementing DOGE as a payment option for Twitter Blue subscriptions.
Moreover the Dogecoin tracker spread the word that last week anonymous whales shifted a total of 2,768,293,846 in lumps of two million coins and more.There were roughly 90 transactions altogether as they moved these Dogecoin for total fees of merely 142 DOGE – that is $9 USD.
Bitcoin could drop below the $19k support level over the coming hours as the leading cryptocurrency has been underperforming so far today.
Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. BTC has lost less than 1% of its value over the past few hours.
The poor performance comes despite the broader cryptocurrency market recording gains in the past 24 hours. The total cryptocurrency market cap is above $920 billion, as the market has added more than 4% to its value so far today.
Ether, the second-largest cryptocurrency by market cap, is also down by more than 1% and is now trading below $1,300 per coin.
With Bitcoin currently experiencing losses, the leading cryptocurrency could slip below the $19k level for the first time this month.
Key levels to watch
The BTC/USD 4-hour chart is bearish, as Bitcoin has been underperforming over the last few days. BTC has lost more than 4% of its value in the last seven days and could record further losses over the next few hours and days.
The MACD line has been below the neutral zone since Friday, October 7th, indicating that the bears are currently in control of the Bitcoin market.
The 14-day RSI of 31 shows that BTC could soon enter the oversold region if the bearish trend continues.
At press time, Bitcoin is trading at $19,111. If the bearish trend is sustained, BTC could drop below the first major support level at $18,945 before the end of the day.
In the event of an extended bearish run, Bitcoin could trade around $18,700 for the first time in a month.
However, the broader market is bullish, and that could affect Bitcoin’s performance in the near term. If that happens, Bitcoin could make a move toward the $20k resistance level over the next few hours or days.
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Bitcoin has fallen back to $19,000 after strong job numbers.
Economist Alex Krüger says Bitcoin is flashing a key volatility index that precedes major moves.
Bitcoin trades at a support, and price action will depend on price data.
Bitcoin BTC/USD has flashed a key indicator that, historically, can predict explosive market moves. The views are according to renowned economist Alex Krüger. He has 146,200 followers on Twitter, making him one of the most followed economists. It is for this reason that his recent sentiments around Bitcoin draw attention.
Krüger has been monitoring the Bitcoin volatility index or BVOL. The index uses a weighted average price to measure Bitcoin’s volatility on a 30-day annualised basis. The economist says that a huge Bitcoin move happens each time BVOL closes below 25. With the key indicator flashing, Krüger expects a huge Bitcoin move.
The comments come when Bitcoin has slid back to below $19,500. The decline follows a job report last, which showed robust payrolls. The job report calls for faster Fed action, which slowed markets. The next in sight will be the inflation data on Thursday. Krüger says the consumer price index will spark the next wave of BTC’s volatility in either direction.
Bitcoin trades below the midpoint amid weak sentiment
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On the technical side, Bitcoin trades at its psychological support of around $19,000. The bulls have defended the level for quite a while. However, an RSI reading below the midpoint shows there are more sellers.
Concluding thoughts
While the street sentiment is that Bitcoin is in a compelling buy zone, sentiment remains weak. Investors are also cautious ahead of the inflation data on Thursday. Bitcoin could oscillate around the support zone ahead of the CPI data. However, $19,000 remains an attractive zone, and a potential reversal is a possibility.
Source – TradingView