Here’s why you should watch out for Shiba Inu, Solana and Bitcoin this week
The cryptocurrency market ended the month on a high after a turbulent February. The majority of assets in the sector had only modest increases. But certain cryptocurrencies such as Shiba Inu [SHIB]Solana [SOL]and Bitcoin [BTC] expected to be on the watch lists of many enthusiasts and traders.
Here’s why traders will be on the lookout for these cryptocurrencies.
Shiba Inu [SHIB]
The meme coin sector has flourished for a number of reasons. Shiba Inu has been teasing the launch of Shibarium for quite some time now. As the hype and demand around the tier-2 project took center stage, both SHIB and BONE were seen with significant gains.
Whenever the lead developer of the network, Shytoshi Kusama makes an announcement about Shibarium, both of the above tokens start to soar. Earlier today Shytoshi shared a blog posts announces that the intake form of Shibarium was live.
As shown in the chart above, Shiba Inu started to rise earlier today. This brought a further diversity of buyers into the network. The relative strength index [RSI] indicator noted that SHIB was in the overbought zone.
At press time, Shiba Inu was trading at $0.00001277 with a daily increase of 2.43%. If the current sentiment persists, the asset could run past its immediate resistance level of $0.00001318. However, a reversal in this trend could push Shiba Inu to a support level of $0.00001234.
Solana [SOL]
Solana has been a hot topic of discussion. However, this was not for all the right reasons. The network experienced a large drop in block production over the weekend. The outage caused quite a stir on Twitter, prompting the Solana network to look into the matter.
This news came a couple of days after the chain closed the doors of its physical store. That’s why it didn’t go so well for Solana. The price of the asset registered a fall yesterday; however, it soon managed to recover.
At press time, Solana was trading at $22.86 with a 1.05% daily gain. Unfortunately, the altcoin’s weekly drop was 13.76%. It appears bearish sentiment may be overshadowing the Solana market.
The MACD indicator used in Solana’s short-term price chart showed a bearish performance. With the MACD line below the signal line, SOL may be in for a downtrend.
Bitcoin [BTC]
Unlike Shiba Inu and Solana, Bitcoin was influenced by the broader financial market. The US stock market ended Friday with a lower closing price. This further marked last week as the worst week for stocks in 2023. The Nasdaq Composite Index saw the biggest loss at 1.69%, followed by the S&P 500’s 1.05% decline and the Dow Jones Industrial Average’s 1.02% decline.
Bitcoin, on the other hand, began to rise. The king coin rose 1.07% and was priced at $23,399 at press time.
The bulls were ready to take on the Bitcoin market. The parabolic SAR indicator formed dashed lines below the candlesticks. This also acted as a buffer against any immediate fall.
