SHIB INO TECHNICAL ANALYSIS (SHIB) Friday, May 14

SHIB INU TECHNICAL ANALYSIS (SHIB) Friday, May 14

SHIB INU digital currency (SHIB) experienced a loss of price. Vitalik Buterin, the creator of Atrium, took his SHIB Inu liquidity (SHIB) out of the ion swap platform. However, Shiba Inu was able to maintain well at these levels as the price jumped out of the demand barrier.

SHIB price is returning

SHIB prices have fallen 45 percent in the past 24 hours and 52 percent since May 11. However, it seems that the token or internet joke has faced an upward reaction from the demand area, which extends from $ 0.0000117 to $ 0.0000168 and can increase the price of SHIB by 33%.

Although unlikely, the SHIB price could try again in its support area before this bullish scenario. The lower limit of the supply area ranges from $ 0.0000286 to $ 0.0000318.

Investors can expect a 30% increase in the SHIB price from the current price, but if the price floor is tested again, we will see a 60% price increase.

Apparently, the SHIB price will be bullish, but investors should be aware of any sudden fall in the cryptocurrency market that could affect the bullish scenario. Nevertheless, if SHIB prices are unable to rise above these levels due to disappointing buying pressures or potentially downtrends, market participants can expect a 22% drop in the price of these cryptocurrencies to $ 0.0000162.

However, breaking the demand area downtrend line at $ 0.0000117 could invalidate the uptrend scenario and create a new downtrend. In that case, the SHIB price could experience a 70% drop to the next support level at $ 0.00000360.

An overview of the cryptocurrency market today, May 9

An overview of the cryptocurrency market today, May 9

Bitcoin is approaching $ 60,000

As reported two days ago, the bears were in complete control of the market's first cryptocurrency, lowering the price to around $ 55,000. However, Bitcoin managed to reverse its trend and gradually increase its value.

BTC reached above $ 58,000 yesterday and continued to move after a slight correction. In the last 24 hours, Bitcoin has reached the level of $ 59,600. This is the highest price of this leading cryptocurrency since the market collapsed in mid-April.

However, BTC failed to continue its uptrend until it crossed the significant $ 60,000 resistance, thus falling below the $ 59,000 level. It has since risen 2% to its current level of $ 58027.

The benchmark for comparing the BTC market value with all altcoins also rose to 45% after 44% yesterday.

Set new records in Ether and Cardano

The Altcoin market has fluctuated sharply in recent weeks. Atrium, on top of all of them, has experienced intense price pumps. The market's second cryptocurrency broke the $ 3,000 level less than a week ago, and has now reached its all-time high of $ 3,980, setting a record.

Cardano, after setting his last record earlier this week, managed to touch the level of $ 1.73 and draw his highest price level in history. Binance Quinn has also increased to $ 650 in 24-hour timeframes.

Dogecoin, on the other hand, fell 25% to $ 0.55 after the long-awaited Elon Musk show aired.

The most important market winner today is Shiba coin. Inspired by Dodge Quinn, the token was able to enter the top 100 currencies in the market after 850% growth in one week. The currency has risen 160 percent in the last 24 hours alone.

Telcoin (32%), Polygon (28%), Bitcoin Diamond (16%), Venus (13%) and Qtum (10%) are next.

The total market value of cryptocurrencies rose to a record $ 2.460 trillion after rising $ 60 billion in one day.