Shiba Inu and BNB coin have been in the spotlight lately due to their latest developments. While Shiba Inu brings excitement with the introduction of Shibarium, it also faces challenges. At the same time, Binance Coin is in trouble due to Binance’s regulatory issues and significant liquidations on the Venus protocol. As a result, there are growing concerns about potential sell-offs affecting SHIB and BNB prices.
Traders are preparing for heightened volatility
Shortly after Shibarium’s launch, it suffered a delay of more than eleven hours, trapping millions of dollars in a bridge — a mechanism that moves tokens between different networks. During this period, SHIB’s value fell by 10%, bringing another price drop amid the market crash. However, Shibarium is now ready to re-enter the market.
On the other hand, BNB faces challenges in attracting buyers as it approaches its near-1-year low after significant liquidations. In addition, Binance’s suspension of withdrawals and deposits in Europe and news of Binance unleashing Bitcoin to prop up BNB’s price sent the market into turmoil, resulting in minor sell-offs.
Shiba Inu (SHIB) Price Analysis
The bulls have successfully held Shiba Inu above the crucial $0.0000078 support level for the past few days. In addition, they are trying to generate a significant upturn from that level.
The weak rebounds indicate bearish sentiment, suggesting that bulls are not aggressively buying SHIB near the support levels. This could leave room for bears to drive the price below the support line, strengthening selling positions.
If the price falls below $0.0000076, it could drop to the next substantial support zone of $0.0000068-$0.000007. However, this level may bring some consolidation to the meme coin.
On the other hand, if the price rises from its current position, it suggests that buyers are lured by the lower rates. The SHIB price could then rise towards the moving averages. Exceeding the 20-day EMA can send the price first to $0.00000883 and then to $0.00001043.
BNB Price Analysis
BNB continues to fall to the lowest levels, with bears holding control below the EMA20 trendline, signaling their attempt to transform the $220-$225 region into strong resistance. However, Bulls defend an immediate decline. At the time of writing, the BNB price is trading at $206, down more than 2% in the past 24 hours.
If the price does not receive buying pressure above $200, it could drop below the crucial $197 support. The BNB could quickly dip below multiple Fib channels and then potentially reach significant support at $183.5.
However, bulls are still in control of a reversal. To turn things around, they need to push and stabilize the price above the marked resistance zone. The price could then move above the 100-day EMA, which again could serve as a critical obstacle.