Crypto news and updates regarding Shiba Inu (SHIB), Litecoin (LTC) and Binance Coin (BNB). What is their current price performance and future forecast?
How are they performing within the crypto market?
Let’s take a look below at all the latest news involving them.
Shiba Inu: rebound from support area, tension between bears and buyers
Recently, Shiba Inu experienced a 32% decline, finding itself in a temporary higher support range. While the sector showed some demand in this region, price charts at shorter time intervals suggested that sellers had the upper hand.
To reverse this dynamic, a considerable increase in demand was required. In recent days, there has been a modest rebound from this area of interest, likely influenced by news regarding the cryptocurrency’s rising burn rate.
The recent lower minimum of SHIB was identified at $0.00000871. We see that this level represented the key challenge for a possible positive reversal in the market trend.
However, temporary resistance higher at $0.00000846 would likely have hindered buyers’ efforts. In addition, Shiba Inu has rebounded 9.27% in recent hours.
The On-Balance Volume (OBV) indicator has risen slightly and the Relative Strength Index (RSI) has surpassed the neutral level of 50, signaling a bullish momentum. Consequently, indications support a further rise toward the level at $0.00000871.
A possible response from this level could indicate the formation of a trading range, with $0.00000776 as a possible bottom of this range.
Alternatively, a breakout of resistance at $0.000009 would suggest that SHIB is likely ready to point upward, heading toward the next resistance at $0.0000107, relevant in longer time intervals.
Focus on Litecoin’s price: comparison with Shiba Inu and Binance Coin
In recent days, Bitcoin, Ethereum, Ripple, and Litecoin have gone through significant declines against the US dollar. Earlier, LTC was stably positioned below the $80 support area, drifting toward a bearish path.
The price violated the support threshold at $75, initiating a new descent. Even, it positioned itself below the $70 support level. Thus, a low was formed near $60.75, and the price trend is now characterized by a consolidation phase of losses.
Immediate resistance lies in the vicinity of the $66.60 level, close to the 23.6% Fibonacci retracement level of the downward movement from the swing high at $85.41 to the low at $60.75.
In addition, an important bearish trend line is rising with a barrier near $71.50 in the 4-hour chart of the LTC/USD pair. That line is near the 50% Fibonacci retracement level drawn by the bearish movement from the swing high at $85.41 to the low of $60.75.
Clear movement above the $71.50 level could push the price in the direction of $75. Further significant resistance could be found at $80.80. In contrast, immediate support is around the $62.20 level.
So, the next significant support can be traced to the $60 threshold. In the event of a bearish break below $60 support, the price could accelerate in the direction of $54 in the short term.
Binance Coin falls below 200-week moving average: concerns for altcoins
Binance Coin (BNB) recently went through a decline that took it below its 200-week moving average, raising concerns about potential significant depreciation within the altcoin landscape.
Binance’s native coin, BNB, has been under intense selling pressure, manifested by a collapse below $210 on Tuesday 22 August. This occurred within a framework of ongoing regulatory scrutiny against the cryptocurrency exchange.
Since the beginning of the year, the value of Binance Coin (BNB) has already fallen more than 30%. On Tuesday’s day, the token saw a drop of about 3.6% to $203.59.
This contributes to a total loss of about 15% since the beginning of the year. And this is interesting when one considers that this decline has occurred despite the robust recovery of the cryptocurrency Bitcoin, which has witnessed an increase of more than 50% since December.
It should be highlighted that Bitcoin currently halts dominance over about half of the $1 trillion cryptocurrency market.
To date, BNB maintains a market capitalization of about $32 billion, standing as the fourth largest cryptocurrency asset.
In recent months, Binance has also faced a number of significant hurdles on the regulatory nature.
The latest, in June 2023, involves the US Securities and Exchange Commission (SEC) taking legal action against Binance and its US affiliate, Binance.US, citing it for a number of violations related to securities laws.