Crypto analyst Filip L says that the price of Shiba Inu (SHIB) has broken as it does not represent the current market turmoil. Also, according to the analyst, Polkadot (DOT) risks hitting new lows for 2022. The analyst notes that Terra (LUNA) struggles because there is a cap on her performance. We have compiled the analyst’s analysis of SHIB, DOT and LUNA for our readers.
“SHIB is at risk of catching queues in hand”
The Shiba Inu has been flirting up and down throughout the week alongside the red descending trendline that has been hanging over the price action since mid-August. This is not a problem. Because this is a sign that the bears are holding the trendline and are bull trapping. The bulls want to break out and trigger a rally away from the trendline. Still, global markets are literally on fire for almost four consecutive trading days. So it’s strange to see such a quiet price response.
Therefore, several asset classes are moving sharply. While SHIB should have caught up to reality, it doesn’t appear to have been phased out by the mass actions that triggered the markets to topple. One reason is likely that the price action is still supported by $0.00001011. But don’t expect it to hold up against the broad list of tail risks that will soon begin to weigh on the SHIB price action. Once this happens, a sharp drop to $0.00000712 is possible. In that case, say goodbye to the $0.00001000 barrier.
SHIB is likely to move away from the red descending trendline. However, the next problem comes when the 55-day Simple Moving Average (SMA) comes in at $0.0001245 as the initial price cap. If that doesn’t limit the rally, the 200-day SMA will certainly do so for the bears at $0.00001500 as it did in the summer. Either way, the tail risks are too great. That’s why the question of how sustainable any rally will be is important.
“Polkadot (DOT) price cannot escape and is trapped”
DOT saw the bulls finally get rid of the negative emotion. Also, Polkadot witnessed its significant price tag attempting to push above $6.92. However, several incidents cut the legs off from under the bulls’ chairs. This has seen attempts to get stuck in monthly pivots just a few cents below the high. cryptocoin.comAs you follow from , the British Pound is melting. BOE is stepping in and trying to calm the markets. Meanwhile, Putin ramps up his war speeches.
Polkadot price is likely to see a new low for 2022 as the tail risks mentioned above are only expanding. Between the monthly S1 and S2 support levels this month, we expect a drop to $5, possibly towards $5.
After all the turmoil over the past week, Russia’s silence or smaller headlines could create a welcome moment of calm for the markets. This, in turn, will open the window for some upward movement after the calm. A bounce towards $7.50 is possible for Polkadot near the 55-day Simple Moving Average (SMA).
“LUNA sees bears play poker and win the river”
The market is starting to unwind and the closing bell is approaching for cryptocurrencies. LUNA price action is on top of posting small gains for the week. This variant will expire at the end of the week, when the Asian session takes over. Seeing solid rejection that seems to remain unopposed throughout the week, a sharp drop is possible when the breakout happens somewhere next week.
The best cards are in the hands of the bears. That’s why there have been bulls losing their poker game at LUNA this week. Meanwhile, huge tail risks have resurfaced this week. Seeing these should come as no surprise. The downside risk would be a burst towards the 23.6% Fibonacci level at $0.000228.
Seeing some bullish moves during tough times during the week could indicate that the bulls have entered a long position. If the bulls can break out of this last part, a steep reaction is possible that could reclaim $0.000552 or the 78.6% Fibonacci level. A quick profit is likely at $0.000383, which is the 50% Fibonacci level.
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