Shiba Inu and BNB Coin have been in the limelight recently due to their recent developments. While the Shiba Inu has created excitement with the introduction of the Shibarium, it also faces challenges. Binance Coin is experiencing problems due to Binance’s regulatory issues and significant liquidations in the Venus protocol. As a result, concerns are growing about potential sales affecting SHIB and BNB prices. Crypto analyst Shayan Chowdhury is trying to chart a course for the price of two altcoins.
Investors prepare for increased volatility in two altcoins
Shortly after the release of Shibarium, it faced a delay of more than eleven hours. Thus, it resulted in millions of dollars being trapped on a bridge. A bridge refers to a mechanism that moves tokens between various networks. During this time, as you follow on Kriptokoin.com, the value of SHIB has dropped by 10%. This brought another price drop amid the market crash. However, Shibarium is now ready to be relaunched in the market.
On the other hand, BNB has approached its lowest level in almost a year after significant liquidations. That is why it faces difficulties in attracting buyers. In addition, news of Binance halting withdrawals and deposits in Europe and Binance’s divestment of Bitcoin to support the altcoin price stirred the market. This resulted in small sales.
Shiba Inu (SHIB) price analysis
The bulls successfully held the Shiba Inu above the key $0.0000078 support level in the last days. Moreover, they are trying to trigger a significant recovery from this level. However, weak rebounds point to a bearish trend. It also shows that the bulls are not aggressively buying the SHIB near the support levels. This is likely to leave room for the bears to strengthen their sell positions by pulling the price below the support line.
If the altcoin price drops below $0.0000076, a drop towards the next key support zone of $0.0000068-0.000007 is possible. However, this level is likely to bring some consolidation to the meme coin. On the other hand, if the price rises from its current position, it indicates that buyers are attracted by the lower rates. It is possible for SHIB price to rise towards the moving averages later. If it breaks the 20-day EMA, the price is likely to rise to $0.00000883 and then to $0.00001043.
Binance Coin (BNB) price analysis
BNB continues to decline towards lows. The bears are in control below the EMA20 trendline. This, in turn, signals attempts to turn the $220-225 zone into a strong resistance. However, the bulls are defending a sudden drop. At the time of writing, BNB price is down over 2% in the last 24 hours to trade at $206.
If altcoin price fails to create buying pressure above $200, a drop below the critical support of $197 is possible. Therefore, there is a possibility that BNB will quickly drop below more than one Fib channel. Also, this is likely to potentially reach a key support at $183.5. However, the bulls still have control for a reversal. To turn things around, they need to push the price above the marked resistance zone. In this case, it is possible for the price to move above the 100-day EMA later on. This too is likely to serve as a critical hurdle once again.
The opinions and estimates in the article belong to the analyst and are not investment advice. We recommend that you do your own research before investing.
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