Cryptocurrency whales are back in action. It has been seen that whales are making purchases from these 2 altcoin projects. The price of Shiba Inu (SHIB), one of the leading memecoin projects, has moved. Whales finally started the trade movement.
Cryptocurrency whales continue their SHIB purchases
As we have reported as Kriptokoin.com; The cryptocurrency market has faced challenges for most of 2022. Apart from this, it is seen that some altcoins are making gains. Also, big whales are likely to be involved in the SHIB price action. According to analysts, a higher price is likely to be observed if the dominant descending trendline on SHIB is broken to the upside.
However, the price is expected to decline before it starts to recover. Then, SHIB is likely to face two additional hurdles at the top. The first area is at $0.00001080 from the 55-day Simple Moving Average (SMA), which is important for most of October. The latter sits at the 200-day SMA, which broke earlier this month and sits at $0.00001180. Markets are reacting amid US inflation and a lower Producer Price Index.
Cryptocurrency analysts argue that the Fed should make more low score announcements. Accordingly, the SHIB price has the potential to rise again.
This altcoin project has seen a 130 percent increase
Altcoin project DYDX should be on every investor’s watch list, according to analysts. It has outstripped almost all cryptocurrencies this month. According to technical data, it is seen that more profit can be obtained. In addition, analysts identified key levels to gauge DYDX’s next potential move. dYdX price showed strength despite the crisis in the crypto markets. Most altcoins have regressed with Bitcoin’s decline.
But overall, DYDX stood apart from them. In the third trading week of November, the bulls produced a 130 percent rally. All in all, there are subtle signs in the technical data that the upside rally is far from over.
During the uptrend, the Volume Profile Indicator showed the largest increase in trading this year while producing a classic ramping pattern. The 8-day EMA and the 21-day MA were seen to be breached bilaterally during the bullish move. If market conditions continue, the $3.55 and $4.00 liquidity zone is likely to be crossed. Still, analysts note that the breached 8-day EMA has not yet been retested. He also states that investors should expect a deeper pullback. A pullback towards $1.90 is likely, an entry for the next upswing targeting $3.55.
A bullish invalidation is possible if the $1.45 support zone is breached. If the bears mark the invalidity level, sweeping bottoms can occur. Such a move would result in a 50 percent drop from the current DYDX price.
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