The crypto key currency Bitcoin (BTC) increased in value by 17 percent in the past trading week and thus also spurred the price developments of many top 100 Altcoins. In particular, the Meme-Coin Shiba Inu (SHIB) shows a massive price increase of more than 250 percentage points.
After a weak trading month in September, the entire crypto market can regain momentum. Many altcoins are also rising north in the slipstream of Bitcoin. Altcoin investors should, however, pay more attention to Bitcoin dominance. If the market power of the crypto reserve currency continues to increase significantly in the coming trading weeks, a move away from Altcoins in the direction of Bitcoin is to be expected. It is also important to keep an eye on the development of the traditional financial market. A correction widening of the major stock indices could also affect the crypto market.
Best price development among the top 10 altcoins:
Shiba Inu (SHIB):
Price analysis based on the value pair SHIB / USD on Huobi
The MEME-Coin Shiba-Inu is experiencing a new boost after months of insignificance and increases in value by more than 250 percentage points on a weekly basis. The dynamic breakout from the sideways range, which was already discussed in the analysis of September 17, was followed by an explosive upward movement towards the existing all-time high.
Bullish variant (Shib)
The price of Shiba-Inu has moved in a sideways phase between USD 0.00000563 and USD 0.00000954 since June this year. At the beginning of the last week of trading, the SHIB price broke out of its range and subsequently rose to USD 0.00003524 before the first profit-taking took place. After an interim correction back to the horizontal support at USD 0.00002058, Shiba-Inu can work its way north again and subsequently stabilize above the support at USD 0.00002426. If the SHIB price succeeds in overcoming the red resistance area at USD 0.00003000 in the coming trading days at a daily closing price, the Fibonacci 78 retracement at USD 0.00003228 first comes into focus. If this resistance is broken, a restart of the weekly high should be planned.
If the buying interest remains high, a march through to the all-time high at USD 0.00003969 is also conceivable. The first investors will want to reap profits here. If Shiba-Inu can break out of the all-time high in the future, follow-up targets will be activated at USD 0.00004912 and USD 0.00005300. These result from the 127 and 138 Fibonacci projections. If these targets are broken in the coming trading days, the SHIB rate could even rise in the direction of the 161 Fibonacci extension at USD 0.00006110. At this point, at the latest, increased profit-taking is likely. If Shiba Inu stabilizes above the all-time high at USD 0.00003969 and rises further north, an increase to the 200’s Fibonacci extension at USD 0.00007434 is also conceivable in the medium term. For the time being, the range around USD 0.00009575 should be mentioned as the maximum price target on the upside. Here you can find the 261 Fibonacci extension of the higher-level price movement.
Bearish variant (Shib)
If, on the other hand, the price of Shiba Inu cannot establish itself sustainably above the red zone in the area of USD 0.00003000 and falls back towards yesterday’s low at USD 0.00002426, the bulls will have to prove themselves. A break in this support makes a relapse to the 50’s Fibonacci retracement at USD 0.00002237 or even the important support at USD 0.00002058 likely. If the bears manage to break through this support, the correction will expand to at least USD 0.00001828. This is where the 38 Fibonacci retracement runs. Just below this price level there is another potential entry zone for the buyer’s warehouse in the orange support area. In particular, the area around $ 0.00001570 provides strong support.
Below this range, the supertrend and the 23-Fibonacci retracement can also be found between USD 0.00001385 and USD 0.00001322. Falling below this support range should bring Shiba Inu back to the EMA50 (orange) at USD 0.00001188. From the current perspective, the maximum bearish price target is USD 0.00000940. This chart level represents the breakout level from the sideways phase. From a technical chart point of view, a renewed start of this price level would be welcomed. A confirmation of the dynamic price breakout should wash new buyers into the market. If, on the other hand, the SHIB price falls back into the green sideways range, the chart image becomes cloudy and the dynamic breakout movement would have to be assessed as a pump-and-dump scheme.
Indicators (Shib)
The RSI indicator as well as the MACD indicator currently show a buy signal in the daily chart. However, since both indicators are overbought, a slight consolidation should come as no surprise.
Worst price development among the top 10 altcoins:
Solana (SOL):
Price analysis based on the value pair SOL / USD on Binance
The recovery phase of the SOL course only lasted a short time. The bulls failed to break Solana back above the resistance at USD 169.14. Yesterday, Sunday, the SOL price slipped below the EMA20 (red) at the end of the day and subsequently fell to the horizontal support at USD 146.51. Solana is currently trading just above this important support level at USD 149.29.
Bullish variant (Solana)
The bulls must now do everything possible not to let the SOL price break below the support at USD 146.51. At the latest in the area of 141.02 USD, the buyer’s warehouse must do everything possible to stabilize the course. Only when Solana jumps back over the 38 Fibonacci retracement at USD 154.33 and can subsequently break the previous week’s high at USD 169.14 will the chart light up again. A follow-up increase to the trend high at USD 177.98 would then be conceivable. The 61 Fibonacci retracement of the current price movement also runs here. A sustained overcoming of this resistance mark is likely to be difficult at the first attempt. Just above it is the upper Bollinger Band at USD 181.
If the bulls manage to break this price mark in the coming trading weeks, the 78 Fibonacci retracement at USD 194.82 will be the first target. The SOL course has already ricocheted south several times in the past. A recapture would have a signal effect and activate the next price target in the form of the all-time high at USD 216.52. If the bulls manage to break out of this resistance level despite increased profit-taking, a breakout of at least USD 243.53 should be anticipated. A march through to USD 254.75 would also be conceivable. Both goals are derived from Fibonacci projections. If the bulls can confirm the upward momentum, a break through to USD 278.20 cannot be ruled out. This is where the important 161 Fibonacci extension of the superordinate trend movement runs. In the medium term, an increase to the 200 Fibonacci extension at USD 316.49 is also conceivable. This target is still to be seen as the maximum price target for Solana.
Basic variant (Solana)
The bears were able to record an important partial success for themselves in the last few days of trading. If the current bearish momentum expands and Solana falls below the support at USD 146.51, a run-up to USD 141.02 is likely. In addition to the 23 Fibonacci retracement, the breakout level of the current price increase can also be found here. If this support is abandoned, the correction extends to the EMA50 (orange) at USD 134.20. If there is no reversal to the north here either and the lower edge of the green support zone at USD 128.85 is dynamically undershot, a directional decision will be made at USD 121.37 at the latest. In addition to the supertrend, the lower Bollinger Band also runs here. If this price mark does not stop either, a retest of the low at USD 116.05 is likely.
A price decline to around USD 110.28 is also conceivable. If the bulls do not come back on the floor here, the chart image of Solana darkens significantly. A sustained relapse below this support makes a correction widening to at least USD 97.60 likely. Looking ahead, the probability of a retest of the old breakout level at USD 79.00 increases significantly. The EMA200 (blue) is currently between USD 79.00 and USD 70.85. If, contrary to expectations, there is a relapse below this price level, the chance of a correction increases to around USD 62.27. The MA200 runs here (green). As long as the SOL price holds above the low at 116.05 USD, it is too early to assume such a strong correction.
Indicators (Solana):
The MACD indicator as well as the RSI failed to generate new buy signals. The RSI indicator slipped back into the neutral zone between 45 and 55. The MACD is also currently turning south again and has a fresh short signal.
Top 10 stability
With a price jump of 243 percentage points, Shiba Inu (SHIB) is another meme coin that joins the ranks of the ten largest cryptocurrencies. Apart from Shiba Inu, Bitcoin tops the list of the top cryptocurrencies with a 17 percent increase in value. Only Ripple (XRP) and Polkadot (DOT) can gain a similarly significant 11 percent increase. Dogecoin (DOGE) with six percent and Ethereum (ETH) with five percentage points can also gain. The list of underperformers is headed by Solana (SOL) with a price decline of 12 percent, followed by Terra (LUNA) with a discount of six percent. The ranking of the ten largest cryptocurrencies shows two changes in position this week. Ripple can leave Solana behind and rises back to fifth. In addition, Shiba Inu jumps into the top 10 to tenth place and displaces Avalanche (AVAX) from the list of top coins.
Winner and Loser of the Week
After another positive performance of the crypto reserve currency Bitcoin, more than 70 percent of the top 100 Altcoins are moving north. The list of weekly winners is headed by the meme coin Shiba Inu (SHIB), which has broken out of its month-long sideways phase and is up 243 percent. Bitcoin Cash ABC (BCHA) are also bullish with a 70 percent increase in value, Stacks (STX) with 64 percent and Harmony (ONE) with 54 percent. Fantom (FTM) with 42 percent increase in value and Klaytn (KLAY) with 40 percent increase in price are also convincing. A good 30 percent of the top 100 Altcoins have recorded a double-digit price increase in the last seven trading days.
The list of weekly losers is led by Avalanche (AVAX) with a 16 percent price decline. Cosmos (ATOM), Tezos (XTZ) and Solana (SOL) also sell around 13 percent in value. Investors seem to be reaping more profits from crypto ecosystem coins that have recently performed well. The significant increase in Bitcoin dominance means that altcoins perform a little worse overall. Many investors are increasingly investing in Bitcoin again and are shifting their profits from profitable altcoin investments back into the crypto reserve currency.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.
The chart images were created using TradingView created.
USD / EUR exchange rate at the time of going to press: 0.84 euros.