Cryptocurrencies Price Prediction: Shiba Inu, Dogecoin, Ethereum Classic — Asian Wrap 17 May
|Vitalik Buterin burns 410 trillion Shiba Inu tokens, sending SHIB price up by 40%
Shortly after donating $1.5 billion worth of Shiba Inu tokens to a COVID-19 relief crypto fund, Ethereum co-creator Vitalik Buterin destroyed over 410 trillion SHIB.
41% of SHIB tokens destroyed
Over the past week, cryptocurrency investors have witnessed the rise and the fall of dog-themed tokens. One of the most prominent meme-based dog coins, Shiba Inu, has received massive traction as crypto exchanges, including Binance and FTX rushed to list the digital currency.
Dogecoin Price Prediction: DOGE remains on track to hit new all-time highs at $1\
Dogecoin price is hovering around a confluence of support levels that promise an upswing to record levels. A breakdown of the immediate resistance level will confirm the start of this bullish trajectory.
Dogecoin price remains bullish
Dogecoin price is currently hovering inside the demand barrier that stretches from $0.489 to $0.522. Interestingly, this zone harbors the 100 four-hour Simple Moving Average (SMA) at $0.504. Hence, a quick bounce from this confluence seems likely.
Ethereum Classic Price Forecast: ETC readies itself for another 24% advance
Ethereum Classic price is currently in a downtrend but shows potential for a quick bull rally. ETC needs to bounce out of the immediate demand zone to take set up another lower high.
Ethereum Classic continues to descend
Ethereum Classic shows the formation of lower highs and lower lows since May 6. This downward move accelerated on May 12 as ETC slid nearly 28% in a single day. Ethereum Classic price is currently trading inside the immediate demand zone, stretching from $86.26 to $96. Considering the overextended state of the cryptocurrency market, a minor upswing in ETC seems likely.
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