Volatility in the cryptocurrency market is reaching unprecedented levels as Bitcoin and Ethereum prices continue to soar. With the dramatic rise of the Shiba Inu taking the world by storm, investors are looking for a reliable way to predict these price movements.
Shiba Inu experienced a notable increase during the European session, rising more than 20% to $0.0000129. However, this momentum was short-lived as it soon fell back to its original price of $0.000011.
US retail sales fall, inflation slows – what does this mean for consumers?
U.S. retail sales posted their biggest drop in a year in December, driven by lower purchases of cars and other goods. This has left shoppers with less money to spend and led to slower economic growth as we enter 2023.
US retail sales figures for December 2022 saw a revised 1.1% drop in November from the 1% initially estimated. It was also bigger than analysts had predicted, which was a 0.8% decline.
Retail sales fell for two months in a row, dampening demand for goods and leaving many manufacturers in a tight spot. December data showed that factory output saw its worst decline in nearly two years, while producer prices fell during that period.
The cryptocurrency market is currently in a bearish correction due to two main reasons.
- In the beginning, the market was already overcrowded and buyers were getting tired. They were waiting for something to trigger a downward correction in the market.
- US retail sales data was weaker than expected, leading traders to believe the Federal Reserve may decide not to raise interest rates amid weak economic performance. As a result, investors were directed to US stocks and cryptocurrency demand took a hit.
The price of bitcoin is currently at $20,937 with a trading volume of $29 billion after falling 1.50% in the last 24 hours. Since the initial prediction on January 17th, the expected value of Bitcoin has remained stable.
The cryptocurrency failed to break the $21,400 mark and fell below $20,000. If the price of Bitcoin fails to break $21,400, a bearish sign may appear, as closing candles below this level may mean that buyers are exhausted and sellers may move into the market.
Both RSI and MACD are overbought, which could be another reason why investors are predicting a negative correction in BTC. Doji candles closing slightly below this level may also indicate a negative swing in the near future.
On the downside, Bitcoin’s immediate support is $20,800, and a break below this level could result in further selling towards the $20,000 level.
Further selling may occur below this level until it reaches around $19,250. In addition, increased demand for Bitcoin could push it past the $21,400 barrier to $22,850.
Ethereum is currently trading at $1549 and has a trading volume of $10 billion in the last 24 hours. Unfortunately, it’s down 1.50% during that time, but it’s still pretty strong as it ranks 2nd on CoinMarketCap with a market cap of $189 billion. The
Ethereum had a hard time breaking through the $1,600 double top resistance zone, dropping its value to $1,500 due to increased selling pressure. Similarly, Bitcoin is experiencing a similar situation.
Ethereum is facing its biggest support at $1500. In the event of a break below this point, selling pressure could intensify until $1,440 is reached based on the 38.2% Fibonacci retracement. If this breaks, ETH could be in danger of falling even lower to $1,350.
With $1,500 as the main support level, a rise to $1,660 is possible as it acts as a resistance level.
Shiba Inu Price
Shiba Inu is currently priced at $0.000012 and its 24-hour trading volume has reached an impressive $1.3 billion. Over the past 24 hours, Shiba Inu has seen an impressive 9% increase in price.
CoinMarketCap currently ranks SHIB in 13th place with a market capitalization of $6 billion. Technically, SHIB is likely to face immediate resistance near $0.0000124 and a bullish crossover above this level could take SHIB to $0.000014. Support continues to remain around $0.00001139.
If SHIB price breaks below this level, it has the potential to reach $0.000010.
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C+Charge introduces a revolutionary blockchain-powered payment system for EV owners. This platform will offer a carbon credit for the first payment, which aims to significantly reduce carbon emissions.
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Meta Masters Guild (MEMAG)
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