Shiba Inu Drops by 7% While Terra USTC Shoots Up by 153%

Key Insights:

  • Bitcoin and Ethereum are consolidating at their respective lows of $20k and $1.2k.
  • Shiba Inu led the fall for the altcoins with a 7% decline in 24 hours.
  • In an interesting turn of events, TerraUSD Classic is making headway in the crypto market.

While the rest of the market made no specific move, one of the biggest cryptocurrencies in the world exhibited some semblance of a downfall. On the other end of the spectrum was Terra Luna Classic’s 100%+ rally.

Shiba Inu Dips in Bearish Waters

After striking out a solid rally throughout this week, Shiba Inu impressed the investors recovering by 53.32% in the same duration, but the following two days ruined the recovery significantly.

SHIB declined over the next two days, losing out on 13.57% of the recovery it witnessed in June.

Investors are now concerned as to where could the meme coin be headed over the next few days, and by the looks of it, a downtrend might be the answer since price indicators are heavily signaling the same.

The Parabolic SAR, although is currently exhibiting an uptrend, it is actually preparing for a downtrend.

Once the white dots of the indicator change their position from underneath the candlesticks to above the candlesticks, the downtrend should be in effect.

And the chances of the same happening are increasing by the day as the increasing bearishness of the MACD is leading SHIB towards a bearish crossover. This could push SHIB below $0.00001018, which it has been lingering in throughout June.

Terra LUNA Classic To Rise Again?

Probably not, but the rise still managed to surprise investors around the world after the original Terra, now Terra Classic’s stablecoin, for some reason, suddenly started rallying today.

Although the buildup came over the span of the last five days, the breakthrough rise occurred yesterday.

In a single day, the stablecoin shot up by 153% at its peak, bringing the week-long rally to 588%. However, trading at $0.04, USTC is completely useless for any and everyone.

The new Terra LUNA 2.0, on the other hand, is still stuck under $3 but managed to close above $2.5 after a 13% single-day rise.

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