SHIB and BNB prices are struggling to recover in the volatile crypto market. Investors who witnessed a massive rally between mid-June and mid-August are now grappling with the harsh reality that those gains have all but been erased. Will the latest announcements be enough to change the trend? Let’s answer…
Shiba Inu (SHIB) price gains momentum with whale accumulation
The SHIB price has underperformed for most of the year. Meme token is dangerously close to its July/August lows. Analysis shows that SHIB has given up more than 70% of the gains it made during the summer rally.
During this difficult time, there was a remarkable development that caught the attention of investors. According to data from IntoTheBlock, whales are significantly increasing SHIB reserves. This change in whale dynamics is indeed a significant development in the Shiba Inu ecosystem. It has the potential to influence the course of the SHIB price.
The data presented in the chart above shows a dramatic 77% increase in the number of SHIB investors. This increase represents a broader participation rate for SHIB. It also shows increased interest and participation in the Shiba Inu project. This acts as a catalyst for renewed optimism and potential price appreciation.
What’s next for the SHIB price?
Meanwhile, the Shiba Inu’s fate remains uncertain in the short term, while the increasing interest of the whales adds an element of intrigue to the story. SHIB price is currently trading at $0.000007596, ranking 16th by market cap. Short-term price movements will largely depend on the direction of the overall market.
BNB Coin faces $200 danger
Just like SHIB, the Binance Coin (BNB) price has dropped significantly in recent weeks. It has bounced back from mainstream resistance for the third time in just two months. This downtrend has constructed a falling wedge formation, a technical indicator characterized by descending peaks and troughs trapped within two converging trend lines.
BNB is currently trading in the $214 region. On August 31, BNB price fell below the critical $220 local support level. This signaled the possibility of further downward movements. However, amid the prevailing uncertainty in the market, the price of BNB changed sideways, leaving both buyers and sellers in an uncertain situation.
The falling wedge formation, often referred to as the cross ending pattern, is a potential exhaustion signal in the prevailing bearish phase. It indicates a potential trend reversal. If the recent break below $220 is not sustained, this will open the door for buyers to challenge the overhead resistance.
BNB price return potential
In a significant development, PancakeSwap (CAKE) has reached an important milestone in the cryptocurrency ecosystem. According to a post by Glebk.eth, PancakeSwap’s monthly revenue has surpassed BNB Chain’s revenue in the last 30 days. While Shibarum supports the SHIB price, it also provides momentum to BNB on PancakeSwap.
.@PancakeSwap surpassed @BNBCHAIN in terms of monthly revenue
Data source: @tokenterminal $CAKE $BNB #BNB #BNBChain pic.twitter.com/Vp1bHg8o6N
— glebk.eth (@glebk_eth) September 7, 2023
The latest lawsuits around Binance and Fud news, which we reported as Kriptokoin.com, put the BNB price under pressure. Positive news coming from here will be effective in attracting new buyers.
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