Weakness is evident in major cryptocurrencies such as Ethereum and Bitcoin following a drop in the crypto market on Monday. Ethereum (ETH) saw a nearly 10% decrease in price, finding support near the $3,650 level. At the same time, the continuous rejection of Shiba Inu (SHIB) suggests that there is buying interest at lower levels.
Despite the volatility, utility-driven projects like DTX Exchange have maintained their momentum. The presale for DTX Exchange has reached a milestone of $10 million, and crypto whales are shifting their profits towards it. This accumulation indicates that the DTX Exchange has the potential to bring a significant return on investment after its listing.
Moving on to Ethereum price analysis, the increased volatility in the market has posed challenges for Ethereum near the $4,000 level. This level is crucial as it represents both an all-time high and a psychological level. After dropping from its all-time high, the ETH price briefly fell below the 10 and 20-day moving averages but quickly regained strength, rising above $3,500.
Currently, the ETH price is supported by the 20-day moving average, while the 10-day moving average acts as a barrier. The relative strength index (RSI) has dropped from the overbought zone to 57, indicating profit booking in Ethereum. If the 20-day moving average fails to hold the ETH price, the immediate support is at $3,450.
Bearish sentiments are increasing as the inflow of Ethereum ETFs reaches a record high without any breakthrough in price beyond the all-time high resistance point. However, future data suggests that traders remain confident and do not expect further declines in the ETH price. Additionally, the recent drop in the ETH price may be attributed to concerns about the global economic slowdown and its impact on the cryptocurrency markets.
The broader market correction has also affected the second-largest memecoin, Shiba Inu (SHIB). It has dropped over 20% from its monthly high of $0.00003344. The Fibonacci retracement indicates that the SHIB price faced rejection at the critical 0.618 FIB level, potentially continuing the downtrend that began in March this year.
Furthermore, the decline in Shiba Inu (SHIB) coincided with a significant drop in its burn rate. ShibBurn reported a decrease of nearly 90% in the burn rate, with only 413,412 SHIB coins burned. This drop followed a massive burn of 250 million SHIB coins in a single transaction on Friday. Despite burning over 410 trillion coins since its launch, there are still 589 trillion SHIB coins in circulation.
On the other hand, DTX Exchange has performed remarkably well, with its presale reaching $10 million and attracting 23,500 unique holders. This strong performance indicates that DTX Exchange could conclude its presale ahead of schedule and list on Tier-1 exchanges like Binance and Coinbase.
DTX Exchange has developed the first hybrid protocol, enhancing the sophistication and competitive edge of its platform. It is also the only platform where traders can access over 120,000 instruments in popular assets such as stocks, commodities, and cryptocurrencies. Its remarkable features, such as 1,000x leverage and distributed liquidity pools, make it a preferred choice for traders. Experienced traders have praised it as one of the most efficient trading platforms with quick order execution.
With its unique infrastructure and potential to disrupt the exchange industry, DTX Exchange could potentially outperform Ethereum (ETH) and Shiba Inu (SHIB). Investors looking for exposure to innovative and trending sectors like crypto may consider DTX Exchange, whose Ethereum-based token is currently trading at a discounted price of $0.12.
Learn more:
– Buy Presale
– Visit DTX Website
– Join The DTX Community
