By Franklin Smith
Cryptocurrencies staled before making slight gains after the bearishness that dominated the past three months ended. However, the bullish bias increases as the optimistic trend resumes and buyers gain increased confidence. Bitcoin and Shiba Inu suffered plummets in January. However, the assets appeared to kick-start uptrends.
BTC Weekly Chart – Bitcoin on Higher Lows
Bitcoin attained a new record high in 2021 November, hovering beneath the $70K mark after May’s retreat. Nevertheless, the retreat over the past three months was intense like the initial one, though this time’s lows were higher, with BTC reversing at $33K. That meant an upward pressure remained, supporting reversals within the past three weeks.
The retreat halted at 100 weekly Simple Moving Average, and it appeared like buyers would overcome the 50SMA without hurdles. Meanwhile, top crypto is increasingly achieving mainstream acceptance for investment and payment options.
On Monday, KPMG Canada declared buying BTC and ETH for corporate treasury, reflecting surging crypto demand. Also, the China mining rigs relocated to east Russia, keeping the industry in operation.
SHIB Daily Chart – Shiba Inu Stalls at 100SMA
Shiba Inu saw remarkable upsurges in 2021 October, surging to $0.000088 from lows of $0.0000060. However, the meme coin could not sustain the gains, plummeting over the previous three months.
That way, SHIB slipped under all MAs, as the 50 Simple Moving Average turned into resistance on its daily price chart. The token also broke a support zone, falling towards $0.000017. The past several days had Shiba Inu on massive bullish action, propelling towards $0.000035.
The 100 daily Simple Moving Average stands at this level, which switched into resistance. That stopped the uptrend, but Shiba Inu is yet to retreat lower. That means buyers are attempting to overcome the level.
Meanwhile, SHIB plans to enter the GameFi space, launching the Layer2 Shibarium, a lucrative alternative to layer1. Also, Bigger Entertainment’s founder Steven Cooper continues accumulating SHIB and burning them. The firm has burned over 1.1 trillion Shiba Inu tokens amid efforts to take the asset to $0.01.
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