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Cryptocurrencies Price Prediction: Shiba Inu, DUSK & Ethereum – European Wrap 29 August

Cryptocurrencies Price Prediction: Shiba Inu, DUSK & Ethereum – European Wrap 29 August
FXStreet TeamFXStreet TeamFXStreet

Shiba Inu rallies 30% since August low as on-chain data points to further gains ahead

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has observed a large spike in traders realizing losses on Thursday, on-chain data shows, even as SHIB has rallied 30% since the August 5 low of $0.00001078. This capitulation event could be a sign of the formation of a local price bottom, increasing the chances of a further price rebound. 

DUSK price is set to rally after bouncing off from key support level

Dusk (DUSK), a Layer 1 blockchain protocol that brings classic finance and real-world assets (RWA) on-chain, is up 4.6% on Thursday and could extend gains by 18% after the coin’s price recently retested and found support around the double-bottom pattern breakout level, a key technical area. Additionally, on-chain data such as the long-to-short ratio also hints at an upcoming rally.

Ethereum: Rebound on the long road to sunset

The cryptocurrency market remained in the same position as the day before, with a capitalisation of $2.09 trillion (+0.07% in 24 hours). Bitcoin's price stabilised after the crash, with Solana losing 3% and Ethereum recovering 2% over the same period.

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