In the past 24 hours, the cryptocurrency market experienced a significant crash, eliminating expectations of a bullish surge. This decline was triggered by a series of macro news, erasing the progress made over the past two months. Notably, among the altcoins, Shiba Inu and Litecoin showed a slight rebound from their monthly support levels, suggesting a potential decrease in selling pressure.
Dip Buyers Might Enjoy Soon
In the past 24 hours, the crypto market saw significant fluctuations, with prices plummeting before stabilizing. Bitcoin briefly hit $25K, dragging the overall market into a sell-off. Currently, the global crypto market is down by over 6%. Factors such as SpaceX selling its Bitcoin, the Evergrande crisis in China, and worries over interest rate hikes are being cited for the downturn.
As of writing, Bitcoin’s liquidation exceeded $499 million, while Ethereum’s reached over $309 million. In the past 24 hours, long positions worth approximately $834 million have been liquidated.
However, with the SEC releasing positive news on the Ethereum ETF, the market’s decline paused and began to rebound. At the moment, those who bought Shiba Inu and Litecoin during the dip are seeing minor gains.
Shiba Inu (SHIB) Price Analysis
Shiba Inu was pulled below its rising wedge pattern’s support line at $0.0000091, triggering a heavy sell-off in the price chart and plunging it toward the robust support zone below $0.000008. As of writing, SHIB’s price is trading at $0.00000868, declining over 1.7% in the last 24 hours.
Bulls are expected to defend the breakout point at $0.000008 to trigger a bullish surge. If the price holds its rebound momentum from this mark, SHIB price might rise to the 0.38 Fib channel and eventually surpass the EMA20 trend line at $0.0000091. Conversely, if the price faces resistance and declines, there’s a heightened chance it might fall toward the consolidation around $0.0000075.
Litecoin (LTC) Price Analysis
Litecoin’s price crashed from $72, settling just above the significant support level of $60 today, suggesting that bearish forces are dominant. As of writing, LTC price trades at $64.5, declining over 13% from yesterday’s rate.
The RSI shows an oversold condition, hinting at potential stabilization or an upcoming rebound. The bulls are currently protecting the support level around $60. If the price holds its rebound from this point, it might encounter resistance at $75.8.
If the LTC price clears its immediate hurdles, it will signify positive market sentiment, with traders entering during dips. This would increase the chances of a surge above the 0.618 Fib channel at $83.
A break below the support of $60 will begin another bearish rally for LTC’s price, potentially triggering a spike in short positions. Litecoin might then head toward its next support of $47.