After Monday’s drop in the crypto market, weakness is visible in major cryptos like Ethereum and Bitcoin. The ETH price decreased nearly 10% on Monday, finding support near the $3,650 level. Meanwhile, the continuous downside rejection in Shiba Inu (SHIB) indicates buying interest at lower levels.
In this volatility, utility-driven projects like DTX Exchange have maintained momentum. Its presale has reached the $10 million milestone, and the crypto whales are shifting profits to it. This accumulation signals that the DTX Exchange can bring a massive ROI after the listing.
Ethereum Price Analysis: Will 20-DMA Support Hold?
With the increased volatility in the market, Ethereum has faced challenges near the $4,000 level. This level is fundamental because it is both an all-time high and a psychological level. Following the recent drop from ATH, ETH price made an undercut on the short-term moving averages of 10 and 20 days; however, it quickly regained strength, rising above $3,500.
Currently, the ETH price has a support level of the 20-day moving average, while the 10-day moving average acts as a barrier. The relative strength index (RSI) has dropped to 57 from the overbought zone, signaling profit booking in Ethereum. If the 20-DMA fails to hold the ETH price, $3,450 is the immediate support.
Bearish sentiments are on the rise as the inflow of Ethereum ETFs hits a record high without any price breakthrough past the ATH resistance point. Nevertheless, future data suggests traders remain confident, showing no expectations of further ETH price declines. In addition, the recent drop in the ETH price may have been caused by concerns about the global economic slowdown and its effect on the cryptocurrency markets.
Shiba Inu (SHIB) Burn Rate Drops Impacts Price Negatively
The broader market correction has also impacted the second biggest memecoin, Shiba Inu (SHIB). It has dropped over 20% from the monthly high of $0.00003344. The Fibonacci retracement from the March high to the August low shows that the Shiba Inu (SHIB) price faced rejection at the critical 0.618 FIB level. This could indicate the continuation of the downtrend that started in March this year.
Shiba Inu (SHIB)’s decline came alongside a sharp drop in its burn rate. ShibBurn said the burn rate fell by nearly 90%, leaving just 413,412 SHIB coins burned. This drop followed a massive burn of 250 million Shiba Inu (SHIB) coins in a single transaction on Friday. Since its launch, Shiba Inu (SHIB) has burned over 410 trillion coins, but 589 trillion remain in circulation.
DTX Exchange Performs Remarkably: Presale Reaches $10 Million
DTX Exchange has become the top presale of 2024 after raising $10 million in the presale with 23,500 unique holders. This robust performance by DTX Exchange (DTX) indicates it could conclude the presale before the estimated time and list on Tier-1 exchanges like Binance and Coinbase.
DTX Exchange has developed the first hybrid protocol, enhancing its platform’s sophistication and competitive edge. This also makes it the only platform where traders can access over 120,000 instruments in famous assets like stocks, commodities, cryptos, etc.
This DeFi platform is a major choice for traders because of its remarkable features, like 1,000x leverage and distributed liquidity pools. Experienced traders have praised it as one of the most efficient trading platforms, offering quick order execution.
With its unique infrastructure and potential disruption in the exchange industry, DTX Exchange could eventually outperform Ethereum (ETH) and Shiba Inu (SHIB). Investors seeking exposure to innovative and trending sectors like crypto may consider DTX Exchange, with its Ethereum-based token currently trading at a discounted price of $0.12.
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