Cryptocurrency markets have recently seen a cooling off from the meme coin frenzy. This downturn is evident in the charts. The sudden end of the meme coin season followed whales transferring large amounts of assets to exchanges. As a result, Shiba Inu no longer occupies a spot in the top 10 of the cryptocurrency market, having lost its position to AVAX.
SHIB Cedes Tenth Place to AVAX
Following the cooldown among meme coins, Shiba Inu fell behind AVAX in terms of market value, thus losing its position in the top 10 of the cryptocurrency market. AVAX’s price increased by 15% recently, outperforming many altcoins that have been pulling back. With a market value difference of approximately 2 billion dollars, AVAX has reclaimed the tenth spot.
Meanwhile, as meme coins attempt to recover, Shiba Inu has formed a triangular pattern in its price chart. This suggests that the next move is likely to be downward. However, it is important to note that this signal is awaiting confirmation. Key levels to watch are $0.00003695 on the upside and $0.00003000 on the downside. A daily candlestick close above or below these levels will confirm the meme coin’s next move.
Conditions Triggering a Sell-Off
A declining Relative Strength Index (RSI) indicates a loss of momentum, suggesting a downward trend. A clear transition below the 70 threshold will indicate that a sell-off in SHIB is maturing and likely to trigger a sell-off.
The Awesome Oscillator (AO) indicator is emphasizing the downtrend by showing large red bars, indicating bear dominance in the SHIB market.
On the other hand, the Shiba Inu price around $0.00003000 could offer another buying opportunity. Investors taking advantage of this opportunity may see SHIB establish a pivot point here and witness the next upward movement.
Crypto Exchange Support for Shiba Inu
In a post, renowned SHIB enthusiast Leonidas highlighted a significant development, noting that the popular cryptocurrency exchange Crypto.com is providing support to SHIB similar to Bitcoin (BTC) and Ethereum (ETH).
Specifically, the trading platform has changed the title of its mobile app, now featuring meme coins in the world’s largest app stores such as Google Play Store and Apple’s App Store. The Crypto.com mobile app has transitioned from the title “Crypto.com – Buy BTC, ETH” to “Crypto.com – Buy BTC, SHIB.”
Leonidas expressed the significance to the community by stating, “Real power and unseen dominance seem to be coming in a way never seen before.”
