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Bitcoin BTC and Shiba Inu Coin could end the day in profit as cryptos attempt to reverse

The decline of cryptocurrencies goes on and Bitcoin was in big trouble earlier this morning when it fell below $30,000 and the break looked sustainable. BTC’s H4 time frame chart was a terrible looking chart and there wasn’t much consolation until $20,000. So cryptocurrencies are in turmoil this week after Terras stablecoin UST collapsed, a token that was supposed to be pegged to the US dollar. Its sister token Luna also saw a stunning 96% plunge this week, losing $25 billion market capitalization.

The crash shattered much of the trust protocols in the cryptocurrency space and we are seeing broader market implications. Adding to the drama, Terra backers are reportedly struggling to garner investor support for a bailout to try to prop up prices after the US dollar peg crash.

Coming back to Bitcoin above, the $30,000 level was quite an important level technically and psychologically. It’s a particularly sensitive zone where a break below it towards $20,000 could trigger some really serious fear and waves of additional selling.

And according to the H4 chart, the picture for bitcoin was not looking good earlier. And that means a lot of dangers for other tokens in the cryptocurrency space. Although BTC/USD previously reversed around $26,000 and has now climbed above $29,000. The chart is looking a little better, but the price would need to move above $30,000 for the trend to be likely to reverse.

our recommendation Bitcoin BTC and Shiba Inu Coin could end the day in profit as cryptos attempt to reverse, Crypto Trading News

Shiba Inu Daily Chart – The support at $0.000020 has been broken

Bitcoin BTC and Shiba Inu Coin could end the day in profit as cryptos attempt to reverse, Crypto Trading News

The daily candlestick could turn green if the rise continues

The Shiba Inu’s price has plummeted over the past few months. The coin will make marginal gains and then continue to tumble in the next bearish market condition. That’s why it’s plummeted over the past week or so, and crypto experts say Shiba Inu could fall further. A support zone had formed around $0.000020 but it was broken and the price dropped below $0.000010.

p class=”caps”>The biggest problem for SHIB at the moment is reducing the number of transactions, deleting the holder’s account and lowering the token price. The coin has plummeted lately, which has put many investors off. But the main reason investors have left Shiba is the lack of utility to grow the project.

SHIB/USD

Source: Crypto News Deutsch

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