Shiba Inu (SHIB) Has Undiscovered Price Potential: Crypto Market Review, August 23

Arman Shirinyan

Shiba Inu potential is still high as the asset has no problem holding up against selling pressure in the market

As the correction in the cryptocurrency market continues for the ninth day in a row, some cryptocurrencies, SHIB included, are showing signs of reversal as trading volume hits an all-time low.

Shiba Inu enters sleep mode

Shiba Inu trading volume once again fell to an extremely low level as interest in the token returned to pre-pumping levels. Given the lack of movement and a rapid reversal, investors are no longer interested in risk exposure.

SHIB Chart
Source: TradingView

With the declining trading volume on SHIB, the liquidity of the asset is also expected to be at an extremely low level. With the decrease in liquidity and volatility of the token, the possibility of a price surge becomes more likely.

The only positive factor that speaks in favor of the token is the lack of selling pressure, which means that Shiba Inu will be able to advance despite the most recent correction, given that the asset remains in the ascending range.


Bitcoin is still in trouble

As noted in our most recent article, BTC remains under pressure, given the variety of negative factors surrounding it: decreasing liquidity, dominance of Ethereum derivatives, and risk signals entering the high-risk zone. , driving even more investors away from digital gold.

BTC Data
Source: glass knot

For four months, the main reason for Bitcoin’s performance has remained the same: the strict monetary policy of the United States which dictates the situation in the stock and digital asset markets and directly affects the strategy of retail and even institutional investors.

With the cycle of rate hikes, the Federal Reserve fueled the US Dollar’s rally against the foreign exchange range, which caused an almost immediate decline in all types of USD-traded assets.

Analysts expect these types of market conditions to float through the end of this year and potentially early 2023.

The most successful cryptocurrency

Despite the correction in the market, there are few assets that outperform most digital assets, including Bitcoin and Ethereum. The current leader is Chiliz, with a price increase of more than 20% in the last 24 hours.

The price of the cryptocurrency broke through the local high of $0.23 and is now trading at around $0.235. As we mentioned earlier, CHZ was taken over by speculative traders after the massive 115% rally that was fueled after the platform’s partnership with a famous British football club was announced.

According to technical indicators such as volume profiles, CHZ’s rally is far from over as traders actively buy and sell assets, providing enough liquidity and volatility to keep the token atop assets by market cap. .

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