Some altcoin projects have been driven by developments recently, both macroeconomically and technically. However, according to some analysts, these mostly bullish moves are coming to an end. Here’s what experts are waiting for for the two altcoins…
Altcoin ARB transactions were quite volatile
cryptocoin.com As we have also reported, on June 2, the US Senate voted to raise the debt limit. After that, Arbitrum’s price jumped along with the top-ranked cryptocurrencies. The price of Arbitrum (ARB) rose 9 percent yesterday to its intraday high of $1.25. It outperformed the crypto market’s overall gain of 1.5 percent over the same period. Arbitrum’s outstanding performance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto addresses.
Specifically, on June 2, Mechanism Capital co-founder invested $1 million worth of stablecoins into Arbitrum pools. More than 20 percent of that was spent on purchasing RDNT, the native token of decentralized finance lending platform Radiant Capital. Later, Kang replaced his newly purchased and existing RDNT reserves with $867,000 worth of ARB. He then invested the proceeds to borrow Circle’s USD Coin into Radiant Capital, according to data source Lookonchain. The platform noted:
Andrew Kang appears to be using leverage to trade long to ARB at RDNT Capital. Buy ARB → deposit ARB → borrow USDC → buy ARB.
Is the ARB rally sustainable?
Lookonchain has revealed that an anonymous whale deposited $1.5 million in ARBs on the OKX exchange simultaneously with Kang’s aforementioned transfers. Investors often deposit tokens on crypto exchanges for sale. This raises the possibility of ARB’s pullback in the coming days if demand falls. Interestingly, the technical pattern of the token on the daily chart shows the same thing.
Specifically, according to analyst Yashu Gola, the ARB has formed what appears to be a bear flag, which is confirmed by the price consolidating between two ascending, parallel trendlines following a strong downward move. A bear flag is resolved after the price drops below the lower trendline and falls by as much as the increase of the previous downtrend. That puts ARB on its way to $0.95 in June, down nearly 20 percent from current price levels. Conversely, a decisive break above the flag’s upper trendline will likely invalidate the bearish view.
Accumulation of SHIB whales did not positively affect the price
On the other hand, Shiba Inu (SHIB) price has been supporting the bulls for a week. It has also increased its gains in two consecutive sessions. This has come as sentiment in the crypto market initiated by Bitcoin (BTC) continues to improve. Shiba Inu (SHIB) whales have purchased around 100 billion SHIB tokens. Data from IntoTheBlock shows that wallet addresses of major SHIB holders did this in less than five days. However, about 60 percent of these tokens are held in dead wallet addresses. This means that the coins are ready to be burned. According to the latest data from Shibburn, around 4 billion SHIB tokens have been burned in the last 24 hours.
However, according to analyst Lockridge Okoth, the view of the four-hour chart for the SHIB/USDT trading pair shows that the meme-coin has been following a descending channel since April 18. The upper band of the descending channel is currently acting as resistance and the 0.00000874 level is a crucial resistance as it was the previous day’s high. Currently, Shiba Inu price is testing its immediate resistance at $0.00000861, the same level as the 50-period Moving Average. Failure to break above this level will cause the coin to extend its decline. Selling pressure from here could push prices towards the June 1 low of around $0.00000831.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.