Shiba Inu and BNB mint have been in the spotlight lately due to their latest developments. While Shiba Inu is generating excitement with the introduction of Shibarium, it also faces challenges. At the same time, Binance Coin is in trouble due to Binance’s regulatory woes and significant Venus protocol liquidations. As a result, there are growing concerns about potential sell-offs affecting SHIB and BNB prices.
Traders are preparing for heightened volatility
Shortly after Shibarium’s launch, it suffered a delay of more than 11 hours, trapping millions of dollars in a bridge — a mechanism that moves tokens between different networks. During this period, SHIB’s value fell by 10%, leading to another price drop during the market crash. However, Shibarium is now ready to relaunch on the market.
On the other hand, BNB is facing challenges in attracting buyers as it approaches a near one-year low after significant liquidations. In addition, Binance’s halt to withdrawals and deposits in Europe and the news that Binance is paying out Bitcoin to prop up BNB’s price rocked the market, resulting in minor sell-offs.
Shiba Inu (SHIB) Price Analysis
The bulls have successfully held Shiba Inu above the crucial $0.0000078 support level for the past few days. Moreover, they are trying to bring about a significant recovery from that level.
The weak rebounds indicate bearish sentiment, suggesting that bulls are not aggressively buying SHIB near support levels. This could leave room for bears to drive the price below the support line, strengthening selling positions.
If the price falls below $0.0000076, it could drop into the next substantial support zone at $0.0000068-$0.000007. However, this level could mean some consolidation for the meme coin.
On the other hand, if the price rises from its current position, it suggests that buyers are lured by the lower rates. The SHIB price could then move towards the moving averages. Exceeding the 20-day EMA could send the price first to $0.00000883 and then to $0.00001043.
BNB Price Analysis
BNB continues to fall towards the lowest level, with the bears maintaining control below the EMA20 trendline, signaling their attempt to turn the USD 220-$225 region into a strong resistance. However, Bulls defend an instant drop. At the time of writing, the BNB price is trading at $206, down more than 2% in the past 24 hours.
If the price fails to gain buying pressure above USD 200, it could drop below the crucial USD 197 support. The BNB could quickly dip below multiple Fib channels and then reach potentially significant support at $183.5.
However, bulls are still in control of a reversal. To turn things around, they need to push and stabilize the price above the marked resistance zone. The price could then move above the 100-day EMA, which again could serve as a critical obstacle.