Bitcoin and Ethereum Price Prediction - Big Caps Set to Maintain Market Leadership, Shiba Inu Pops
Cryptocurrency market volatility is reaching unprecedented levels as Bitcoin and Ethereum prices continue to soar. With the dramatic rise of Shiba Inu, which has taken the world by storm, investors are looking for a reliable way to predict these price movements.
Shiba Inu experienced a notable increase during the European session, rising by more than 20% to reach a high of $0.0000129. However, this momentum was short-lived as it soon dropped back down to its original price of $0.000011.
US Retail Sales Plunge, Inflation Slows - What Does This Mean For Consumers?
December had the biggest drop in US retail sales in a year, which was caused by a decline in purchases of cars and other items. This has left shoppers with less money to spend, causing slower economic growth as we enter 2023.
The retail sale figures in the US for December 2022 saw a decline of 1.1% as compared to November, which was revised from the originally estimated 1%. It was also greater than what analysts had predicted, which was a 0.8% fall.
Retail sales have gone down for two months in a row, leading to lesser demand for goods and leaving many manufacturers in a tough spot. The December data showed that the output of factories has seen its worst fall in close to two years, while producer prices too dropped during this period.
The crypto market is currently in a bearish correction phase, caused by two main reasons.
- Initially, the market had already become overbought and buyers were beginning to tire out. They were waiting for something that would incite a bearish correction in the market.
- US retail sales data was weaker than anticipated, causing traders to believe that the Federal Reserve may decide not to raise interest rates in light of the poor economic metrics. Consequently, investors have pivoted towards US stocks and the demand for cryptocurrency has taken a hit.
Currently, the price of Bitcoin stands at $20,937 after a 1.50% drop in the last 24 hours, with a trading volume of $29 billion. Since the initial forecast on January 17th, Bitcoin's anticipated value has remained steady.
The cryptocurrency was unable to surpass the $21,400 threshold and fell below the $20,000 mark. A bearish sign can be seen if the price of Bitcoin fails to go above $21,400 as closing candles below this level could mean buyers are out of strength and sellers may move into the market.
Both the RSI and the MACD are overbought, which could be another reason for investors to predict a negative correction in BTC. Doji candles closing just below this level may also imply a negative swing in the near future.
On the downside, Bitcoin's immediate support is at $20,800, and a breach below this level might result in further selling till the $20,000 level.
Further selling may occur below this level until it gets to approximately $19,250. Furthermore, a spike in demand for Bitcoin might push it past the $21,400 barrier and into the $22,850 level.
Ethereum is currently trading at $1,549 and has had $10 billion worth of trading volume in the last 24 hours. Unfortunately, it has dropped 1.50% during this period but still remains fairly strong as it ranks 2nd with a market cap of $189 billion on CoinMarketCap. The
Ethereum has had a tough time breaking through the $1600 double top resistance zone, making its value diminish and plummet to $1,500 due to the soar in selling pressure. Similarly, Bitcoin is experiencing a similar situation.
Ethereum faces its greatest immediate support at $1,500. In the event of a breakdown below this point, selling pressure may intensify till it reaches $1,440 - based on its 38.2% Fibonacci retracement. If this is breached as well, ETH could be in danger of dropping to the even lower realm of $1,350.
With $1,500 as the underlying support level, an increase to $1,660 is likely as it acts as a resistance level.
Shiba Inu Price
The price of Shiba Inu is currently $0.000012 and its 24-hour trading volume has reached an impressive $1.3 billion. In the last 24 hours, there has been an impressive 9% increase in Shiba Inu's price.
Currently, CoinMarketCap ranks SHIB 13th with a circulating market cap of $6 billion. Technically, SHIB is likely to face immediate resistance near $0.0000124, and a bullish crossover above this level could take SHIB to $0.000014. Support continues to stay near $0.00001139.
If the SHIB price drops below this level, it has the potential to reach $0.000010.
Get Ahead Of The Curve With These Top Picks
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Meta Masters Guild (MEMAG)
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