BTC is below $69,000 again at the time of writing, and altcoins are painted red. Losses are approaching 5%. The possibility of Bitcoin‘s price volatility triggering a larger movement has made investors more timid in downturns. So, what’s the latest with popular altcoins?
Ethereum Analysis
Dencun has significantly reduced layer2 transaction fees, but the ETH price remains anchored below $4,000. Investors are not excited by the upcoming May 23 spot Ethereum ETF decision. The SEC’s desire to classify ETH as a security has weakened ETF approval expectations in the first half of this year.
At the time of writing, the ETH price is at $3,452, with daily losses nearing 5%. The only good news is that the ETHBTC pair has not reached the January 2024 low. If ETH price against BTC rebounds from 0.05, it could start a recovery rally. Otherwise, a loss of this region could quickly lead to a price drop to 0.029, which roughly equals $1,500 (assuming BTC does not stay at its current price).
Against the dollar, closes below $3,464 bring the risk of falling to $3,260 and $3,154. Below that, there are support levels at $2,912 and $2,277.
Loopring Coin Analysis
ETH and Loopring Coin prices are both retreating from their peaks, but the support zone has not yet been lost. The current trend indicates that the $0.352 support level could be breached. Previous downturns have seen strong buying below this level.
If the selling intensifies, a continuation of the decline to $0.28 and $0.246 is likely. The ultimate support is at $0.22. However, if the price recovers above $0.4, LRC Coin could target $0.55 and higher.
Shiba Inu Forum
Investors search for altcoin discussions and the latest developments in forums and trader chat spaces, but all details about Shiba Coin are shared on COINTURK. For the most current and accurate information, you can search for the term Shiba Inu in the website’s search section. Although SHIB claimed it would soon deploy secret weapons to dethrone DOGE, it has not done so yet.
The team behind SHIB has been quiet for a long time, failing to announce significant products in hype spaces. This silence has persisted for a year. Amidst growing interest in meme coins, SHIB price maintains the level of $0.0000276. If it loses this level, it could fall to $0.00002387 and $0.0000190.
