Crypto Market Review, 23 August
Shiba Inu’s potential is still high as the asset has no problems holding up against selling pressure on the market
As the cryptocurrency market correction continues for the ninth consecutive day, some cryptocurrencies, including SHIB, are showing signs of a reversal as trading volume hits an extremely low level.
Shiba Inu goes into standby mode
The trading volume of Shiba Inu has fallen extremely low once again as interest in the token fell back to pre-pump levels. Given the lack of movement and a quick reversal, investors are no longer interested in risk exposure.
When the trading volume on SHIB falls, the liquidity of the asset should also be at an extremely low level. With the decreasing liquidity and volatility of the token, the possibility of a price increase becomes more possible.
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 move up despite the latest correction, considering that the asset remains in the rising territory.
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Bitcoin is still in trouble
As covered in our last article, BTC remains under pressure, considering the multitude of negative factors surrounding it: declining liquidity, dominance of Ethereum derivative products, and risk signals entering the high-risk zone, pushing even more investors away from digital gold.
During the last four months, the essential reason behind the performance of Bitcoin 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 private and even institutional investors.
With the cycle of interest rate hikes, the Federal Reserve drove the rally of the US dollar against the foreign currency bracket, causing an almost immediate drop in any kind of asset traded in USD.
Analysts expect these types of market conditions to float around until the end of this year and potentially the beginning of 2023.
The best cryptocurrency
Despite the correction in the market, few assets are outperforming most digital assets, including Bitcoin and Ethereum. Today’s leader is Chiliz, with more than 20% price increase 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 picked up by speculative traders following the massive 115% rally fueled by the news of the platform’s partnership with a famous British football club.
According to technical indicators such as the volume profiles, CHZ’s rally is far from over as traders are actively buying and selling assets, providing enough liquidity and volatility to keep the token at the top of assets by market capitalization.
