On July 13, cryptocurrency values remained in the red. The worldwide cryptocurrency market cap is $1.37 trillion, down 3.05 percent from the previous day, while total crypto market volume is $62.75 billion, up 18.
86 percent in the last 24 hours. In today’s content, we will show you what’s going on with Bitcoin, Cardano and Shiba Inu. Stay tuned Welcome back to Crypto Obsession! Before we get into the video, don’t forget to drop a like on this video and subscribe to the channel if you haven’t already.
After an unsuccessful attempt at an uptrend, the price of bitcoin is currently backtracking. Many altcoins have plummeted as a result of the downturn. BTC will most likely produce an equivalent low or a lower low around the July 9 swing low as it pulls back. This is a big event that will allow the flagship cryptocurrency to resume its upward trend.
Bitcoin’s price is searching for a foothold that will catapult it higher. The demand zone spanning $30,573 to $31,979 is a viable option for use as a launchpad. If BTC falls into this range, tremendous buying pressure could emerge, propelling BTC upward.
The bulls will initially come up against resistance near the range’s midpoint of $35,618. BTC will be able to tag the following levels at $36,600, $39,146, and $40,516 if it can break through this barrier. In a strongly bullish scenario, the pioneer cryptocurrency might reach $42,451 as the range high. The existence of sellers will be indicated if Bitcoin price cuts through the demand zone spanning from $30,573 to $31,979.
While this is a bearish development, a break of the $30,000 support level would invalidate the bullish argument and send the price down to the range low of $28,785. If we talk about Cardano is doing better. A few technical indications are putting pressure on Cardano’s price, limiting it from rising further, but that means there’s still room for ADA buyers.
Both buyers and sellers will find Cardano’s price action appealing. Looking at the price behaviour of Cardano during the last few days, a certain play can be seen. Since topping $1.50, ADA has not been above it, generating more extended lows and shorter highs on the candle wicks.
Such behaviour indicates that sellers are in charge of Cardano price action, and sellers are snatching up all purchasing opportunities on the downside in order to benefit. Keep in mind that the orange declining trend line has been in place since the beginning of July, and it is still respected.
Cardano’s price is also capped by the 55-day and 200-day Simple Moving Averages (SMAs).
Since the end of June, when the triangle was at $1.28, it has been brushing against the horizontal level. Buyers should avoid this area because it has previously been breached several times by heavy selling. Instead, buyers should enter between $1.15 and $1.18 with a buy-the-dip mindset. Even though the upside comes in shorter each time, the price of Cardano still has lots of room to rise if it departs from these levels.
The declining trend line, which begins to decline together with the 55-day and 200-day SMAs, can be used by sellers. Profit-taking is possible at any break below the $1.28 horizontal black line. Sellers and purchasers must maintain their stops covered behind the prescribed levels at all times. Expect a retest of $1 for Cardano pricing if the lower zone of $1.15-$1.18 breaks lower. Moving onto Shiba Inu, SHIB is now trading between two critical levels and is attempting to move higher.
Shiba Inu has announced that the ShibaSwap Decentralized Exchange has added the ETH-USDT, LEASH-BONE, and SHIB-BONE pairs (DEX). These additions come after the ShibaSwap DEX was launched on July 6 by the creators of the dog-themed cryptocurrency.
Although the coin’s price behaviour is due to the hoopla around it, the debut did not result in a bullish increase. Regardless, the DEX has $1.2 billion in total value locked (TVL), demonstrating the demand for this canine coin.
Despite being a joke coin, the inclusion of new pairs will only assist in drawing more capital to the exchange, adding value to its fundamentals. Surprisingly, the tremendous interest and influx appear to be a result of two factors: meme coin and the audit. Shiba Inu’s official Twitter account posted a comprehensive audit report for the ShibaSwap exchange, which was recently inaugurated.
Because most DeFi projects are targeted and exploited by hackers, the audit lends credibility to the launch, which may explain the $1.2 billion in TVL. Shiba Inu price is now trading at $0.00000803 as it attempts to slash through the $0.00000811 resistance level.
Read More: Introduction to Bitcoin – Part 2