Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-14 | Selina Mathew
BTC/USD Long holdings on Bitfinex have exploded in recent days, encouraging traders to assume that Bitcoin has reached its local bottom. BTC did indeed rise from $28.8k to $30.8k before falling down to $29.3k as of press time. On the chart, the altcoin market followed Bitcoin's lead.
XRP rose over the bearish order barrier in the $0.4 level, indicating that it had flipped from supply to demand (cyan box). Furthermore, the $0.42 mark serves as a support level for the price.
XRP/USD 1 DAY PRICE CHART - SOURCE - COINMARKETCAP.COM
From the convergence of the demand zone and support, it's probable that XRP may go upward over the weekend. Although some purchasing volume is needed, the A/D indicator was trending flat, indicating that neither bears nor bulls had the upper hand in the last few hours. At press time, the Awesome Oscillator was likewise hovering barely over the zero line.
Gala (GALA)
GALA/USD 1 DAY PRICE CHART - SOURCE - COINMARKETCAP.COM
Despite the fact that GALA has gained about 85% from its $0.54 lows a few days ago, the trend for the cryptocurrency remains negative on the lower time frames. The $0.096-$0.108 range was identified as a strong resistance zone by Fibonacci retracement levels.
Shiba Inu (SHIB)
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SHIB/USD 1 DAY PRICE CHART - COINMARKETCAP.COM
Shiba Inu has continued to fall down the price charts, and the $0.000009 support level may be revisited if Bitcoin falls. The OBV indicator did not show enough demand to reverse the downtrend, while the MACD indicator went below zero, indicating decreasing bullish momentum.
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