Investors are selling altcoins as the cryptocurrency market continues to fluctuate. One of the most notable examples is the Shiba Inu (SHIB), which saw an increase in token sales by short-term holders. Here are the details…
Altcoin investors are on sale
Yesterday, the age of SHIB tokens sold dropped to just one month. So, on average, investors keep a month and switch to selling the SHIB. This shows that investors are looking to reduce their losses or redirect their investments due to SHIB’s lackluster performance in the last few weeks. Despite the broader cryptocurrency market showing signs of recovery, SHIB failed to show any significant strength, disappointing investors hoping for more solid price action.
It is worth noting that the selling pressure from short-term holders may have a negative impact on the price of SHIB in the short term, according to experts. As these investors exit their positions, the token price may experience additional bearish pressure and worsen the situation for the remaining holders. However, according to analysts, this sale could create an opportunity for long-term investors to accumulate more SHIB at lower prices and potentially provide support for the token price in the long run.
Meanwhile, altcoin SHIB entered the trending coins list on CoinMarketCap. Shiba Inu continues to rank ahead of most cryptos on the CoinMarketCap list. It is even ahead of the second largest currency, Ethereum, despite its recent milestones. Because ETH performed the Shapella update on the night connecting April 12 to April 13. However, SHIB seems to be more popular than ETH.
XRP and ADA: How are investors moving?
XRP, on the other hand, appears to be entering a protracted consolidation channel as the ongoing legal battle with the US Securities and Exchange Commission (SEC) continues to cause uncertainty about the future of cryptocurrencies. cryptocoin.com As we also reported, the SEC’s lawsuit against Ripple Labs and its executives alleges that the company made unregistered securities offerings through the sale of XRP, and the lawsuit is expected to conclude in 2023.
The lawsuit has been ongoing since December 2020 and has had a significant impact on XRP’s price and overall market performance. As the legal battle continued, the market remained in uncertainty as many investors were unsure of XRP’s future. This uncertainty has led to a phase of consolidation following the explosive rally that started on March 21, and XRP’s price remains in the range, lacking the necessary momentum to exit its current channel.
Meanwhile, Cardano (ADA) has shown impressive flexibility in its recent price action, rebounding above the important 200-day Exponential Moving Average (EMA) despite reversing yesterday. This development shows that the breakout can now be considered a success, boosting confidence among both investors and traders. As ADA rises, the next targets to watch are the previous reversal points of $0.41 and $0.43. Exceeding these resistance levels could attract more market participants and further boost Cardano’s growth in the near future, paving the way for trend acceleration and potential continuation of the rally, experts say.
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