In the past 24 hours, the cryptocurrency market has experienced a significant crash, eliminating the expectation of a bullish rise. This decline was driven by a series of macro news, which wiped out the progress made over the past two months. Among the altcoins in particular, Shiba Inu and Litecoin showed a slight rebound in their monthly support levels, suggesting a potential easing of selling pressure.
Dip buyers can enjoy soon
Over the past 24 hours, the crypto market has seen significant swings, with prices plummeting before stabilizing. Bitcoin briefly reached $25K, sending the overall market into a sell-off. Currently, the global crypto market is down more than 6%. Factors such as SpaceX selling its Bitcoin, China’s Evergrande crisis, and concerns about rate hikes have been cited for the recession.
At the time of writing, Bitcoin’s liquidation was over $499 million, while Ethereum hit over $309 million. Long positions worth approximately $834 million have been liquidated in the past 24 hours.
However, when the SEC released positive news about the Ethereum ETF, the market’s decline stopped and began to recover. Currently, those who bought Shiba Inu and Litecoin during the dip are seeing small gains.
Shiba Inu (SHIB) Price Analysis
Shiba Inu was pulled below the support line of the rising wedge pattern at $0.0000091, causing a heavy sell-off in the price chart and plunging it towards the robust support zone below $0.000008. At the time of writing, SHIB’s price is trading at $0.00000868, down more than 1.7% in the past 24 hours.
Bulls are expected to defend the breakout point at $0.000008 to spark a bullish rise. If the price maintains its rebound momentum from this point, SHIB price could rise to the 0.38 Fib channel and eventually surpass the EMA20 trendline at $0.0000091. Conversely, if the price encounters resistance and falls, it is more likely to fall towards the consolidation around $0.0000075.
Litecoin (LTC) price analysis
Litecoin price crashed from $72 and just broke above the significant $60 support level today, suggesting bearish forces are dominant. At the time of writing, the LTC price is trading at $64.5, down more than 13% from yesterday’s price.
The RSI shows an oversold condition, indicating possible stabilization or an imminent rebound. The bulls are currently protecting the support level around USD 60. If the price holds its recovery from this point, it may encounter resistance at $75.8.
If the LTC price clears its immediate hurdles, it means positive market sentiment, with traders entering during dips. This would increase the chances of an increase above the 0.618 Fib channel at $83.
A break below the USD 60 support will start another bearish rally for the price of LTC, potentially triggering a spike in short positions. Litecoin may then be on its way to its next $47 support.
