shiba inus SHIB/USD saw some volatility in Monday’s 24-hour trading session, hovering between $0.00000854 and $0.0000094.
The volatility was caused by the CEO and founder of Binance Changpeng “CZ” Zhaowho took to Twitter in an attempt to calm the investor down fears about the liquidity crisis caused by the decimation of FTX by Sam Bankman-Fried trading platform last week.
Bitcoin BTC/USD climbed nearly 6% on news before being dragged down to negotiate mostly flat. Ethereum ETH/USD and Dogecoin DOGE/USD behaved similarly, rising briefly before sliding down near their opening price.
According to a report, Zhao announced that he was setting up an “industry recovery fund” to support “strong” businesses and projects in the crypto sector struggling with liquidity.
The FTX debacle has caused traders and investors to start withdrawing their crypto, fearing that the ruin of the platform will have a cascading effect on other exchanges.
Although Shiba Inu, nicknamed the “Dogecoin Killer”, has traded lower for the past five 24-hour trading sessions, the crypto has not fallen below the daily low of November 10, which placed Shiba Inu in a quad inside bar pattern on the daily chart.
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The Shiba Inu charter: The Shiba Inu Quadruple Inside Bar Pattern is bearish as the crypto was trading lower prior to its formation. The $0.00000850 mark, however, previously acted as support on November 10 and also on Monday, which formed a bullish double bottom setup.
- Shiba Inu may also develop an ascending triangle pattern on the daily chart. If the triangle is the dominant pattern, traders can watch for a break up of the descending trend line or a break down of the horizontal trend line of the triangle on above average volume before Shiba Inu reaches the summit on November 17.
- During Monday’s trading session, Shiba Inu was working to print a doji candlestick, which could indicate that the temporary low has been reached. If the crypto trades above Monday’s daily high and breaks through the triangle, the daily low may serve as a higher low, which could negate the current downtrend.
- Shiba Inu has resistance above $0.00000975 and $0.00001081 and support below $0.00000856 and $0.00000738.