Investment
Even with the launch of the Billion Ethereum (ETH) ETF, Toncoin (TONNE) is unable to fall below $6.60.
U.S. Today – Shiba Inu is presently going through a challenging period because the 200 EMA resistance level was not broken. SHIB is likely to break below significant moving averages and might even retrace below $0.000017 if it does not get sufficient momentum. The inability of SHIB to break above the 200 EMA, which is presently trading at $0.00001721, is a strong bearish indicator.
Since this level has shown to be a significant resistance, the inability to break above it suggests that there is not much buying pressure. The downward trending blue 50 EMA and the downward trending orange 100 EMA indicate that the short- and medium-term sentiment remains negative.
The most recent price movement indicates that SHIB is having trouble establishing support above the 26 EMA. This lack of support highlights the token’s bleak outlook. Approximately $0.000016 is the next support level to keep an eye on if SHIB continues to decline and falls below the significant moving averages. Should SHIB break below this level, there could be an additional retracement.
When the RSI indicator is centred at 46, below the neutral 50 level, it is clear that there is higher selling pressure than buying pressure. This strengthens the case for the short-term bearish outlook for SHIB.
ETFs for Ethereum go live
One of the most eagerly awaited events of the year was the Ethereum ETF debut, following the triumphant introduction of spot Bitcoin ETFs. It’s safe to assume that the launch was a big success and that institutional investors contributed a substantial sum of money. However, the price was almost negatively impacted by these factors.
Ethereum’s price did not rise in tandem with the excitement and $1.1 billion in trading activity during the first few days. Strong interest was evident from the $106 million net inflow and the remarkable numbers from ETFs like Bitwise’s ETHW ($204 million) and BlackRock’s (NYSE:BLK) ETHA ($266 million).
Numerous factors contributed to this abrupt price shift. First off, it’s possible that the massive anticipation and build-up surrounding the debut of the Ethereum ETF led to a situation where investors chose to buy the rumours rather than the news.
Investors who had accumulated ETH before of the ETF’s introduction may have liquidated their holdings for a profit after it launched. Second, even though institutions were interested in the ETF’s launch, it also highlighted how few new individual investors were entering the market.
Under pressure, toncoin
The bullish storyline around TTC seems to be ending as the asset drops below $7 and gets closer to the 100 EMA-backed $6 support level, which is a critical key. At around $6.20, Toncoin hasn’t been able to maintain its upward momentum up to this point. As evidenced by the latest decline below the psychologically significant $7 mark, there is less buying pressure.
The $6.60 level is a crucial support level since it lines up with the orange 100 EMA; if it is destroyed, it can signal further decline. The 200 EMA and 50 EMA strengthen the bearish sentiment.
The RSI indicator is hovering around the neutral 50 level, suggesting a minor bias towards buying pressure. Right now, the indicator is at 43. This strengthens the gloomy short-term prognosis for Toncoin even further. Given the negative technical indicators, Toncoin could still fail.
