2023-6-23 12:11 |
Shiba Inu, a prominent player in the meme coin sector of the cryptocurrency world, has shown a significant price recovery this week. This resurgence is riding the wave of a broader surge in the crypto market and is driven by a key milestone achieved by the Shiba Inu ecosystem.
The Shiba Inu’s Layer 2 scaling solution, known as Shibarium, has successfully completed a staggering 20 million transactions on its testnet, Puppynet, before being reset. This achievement has proven to be a pivotal moment, sparking a notable 6.3% rally in the price of SHIB since June 19.
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Show more +Show less –Earlier this month, the price trajectory of Shiba Inu took a sharp downturn due to actions taken by the US Securities and Exchange Commission (SEC). However, the coin has demonstrated a remarkable bounce-back this week. This revival can be attributed to an overall improvement in sentiment among crypto traders, who are becoming more positive and optimistic about the market.
The significant milestone achieved by Shibarium has acted as a bullish catalyst for Shiba Inu. As a result, the meme coin’s price has experienced an upward trajectory since the event on June 19.
Source: TradingView
Given these recent developments, Shiba Inu coin holds considerable potential as a speculative investment. It’s worth noting that the market is volatile and investments should be made with caution.
SHIB’s Power of MilestonesThe completion of 20 million transactions on Puppynet, the testnet for Shiba Inu’s Layer 2 scaling solution, has been a significant factor in the coin’s recent price recovery. This achievement has not only demonstrated the technical capabilities of the Shiba Inu ecosystem but also boosted investor confidence, leading to a 6.3% rally in the price of SHIB.
The resilience of Shiba Inu in the face of regulatory actions by the SEC is noteworthy. Despite a sharp downturn following the SEC’s actions on June 5, the coin has shown a strong recovery. This bounce-back can be attributed to the overall positive sentiment among crypto traders and the achievement of a significant milestone by Shibarium.
Considering the recent developments and the coin’s ability to bounce back from regulatory actions, Shiba Inu holds considerable potential as a speculative investment. However, as with all investments, particularly in the volatile crypto market, caution is advised.
As we observe the recovery of Shiba Inu, one question remains: Will the coin continue its upward trajectory and solidify its position in the crypto market?
Litecoin (LTC) Price: A Bullish Wave on the Horizon?Litecoin (LTC), one of the prominent cryptocurrencies in the market, has been showing interesting patterns in its price movements. The cryptocurrency is currently in an Elliott Wave Triangle, which is a pattern used in technical analysis that involves five waves. This pattern is known for its ability to predict a breakout, and Litecoin seems to be following this script very closely.
The Elliott Wave Triangle consists of five sub-waves labeled A, B, C, D, and E. Litecoin has been moving through these waves, and as of the latest analysis, it appears to be in wave D. This is significant because after wave E, a breakout is expected. However, there is also a possibility of a direct breakout before reaching wave E.
Analyzing the WavesIn the Elliott Wave Triangle, each of the sub-waves (A, B, C, D, E) consists of three smaller waves labeled a, b, and c. For Litecoin, the D wave is currently being analyzed. The D wave itself consists of three sub-waves, and Litecoin seems to be in the third sub-wave of D. This is crucial because, after the completion of this wave, a deeper pullback is expected, which should be the B wave. If this pullback is corrective, it indicates that Litecoin is still following the Elliott Wave Triangle pattern.
Source: TradingView
The third sub-wave of D has reached the 1.618 extension, which is a common target for the third wave in Elliott Wave analysis. This suggests that Litecoin might be gearing up for a significant move.
LTC’s Key Levels to WatchThere are several key levels to watch in Litecoin’s price movements. The swing low of $65.77 from March 10th is a critical support level. As long as the price stays above this level, the bullish count remains valid. However, if the price breaks below this level, it could invalidate the Elliott Wave Triangle pattern.
Another key level to watch is $82. As long as the price stays above this level, there is a possibility of another high in the A wave. If the price breaks below this level, it could indicate that the A wave is finished and a deeper pullback is imminent.
The $103 level is another significant level. If the price breaks above this level, it could indicate a direct breakout to the upside.
Litecoin’s price movements are showing a classic Elliott Wave Triangle pattern. The cryptocurrency is currently in wave D and is expected to move into wave E before a potential breakout. However, a direct breakout is also possible. The key levels to watch are $65.77, $82, and $103. As always, it is essential to approach cryptocurrency investments with caution due to the market’s inherent volatility. Will Litecoin continue to follow the Elliott Wave Triangle, and is a significant breakout on the horizon? Only time will tell.
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