Price Analysis

Altcoins Drop Heavily as the Crypto Market is Crashing Ahead of the Fresh CPI Rates!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Altcoins are dropping very hard as Bitcoin price tanks down below $18,500 ahead of the fresh CPI rates

  • Dogecoin & Shiba INU prices suffer extensive bearish pressure due to which the memecoins may lose the grip over the rally

The markets seem to have been preparing to drop hard ahead of the CPI rates which are presumed to remain above 8%. While the fear among the market participants is clearly witnessed as the bears are gaining control over the rally. However, Dogecoin & Shiba INU were within a consolidated range until now, but the upcoming drop may hamper the prices to a large extent. 

Dogecoin (DOGE) Price Analysis

  • The Dogecoin price sliced through the pivotal trend line that it maintained ever since it rebounded from the June lows
  • The extensive bearish pressure may certainly drag the price close to the yearly highs, however, the possibility of a flip may not be discarded
  • The RSI continues to remain above the trend line and hence a rebound from these levels may prevent the DOGE price from dropping below $0.05
  • As the bearish clouds have surrounded the markets, the dogecoin price is expected to remain consolidated until the end of 2022

Shiba INU (SHIB) Price Analysis

  • The Shiba INU price is testing the crucial support levels after a drop below $0.00001 and hence expected to reach the bottom quickly
  • The RSI has been dropping from the overbought levels and is presently about to enter the oversold area
  • However, the volume has dropped notably due to which the market participants may require to wait for some more time for a bounce
  • In the coming days, the SHIB price may flip and regain the lost levels above $0.00001 but could remain consolidated below $0.00002 until the end of 2022

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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