This Indicator Might Signal Start of Major BTC Price Downturn, Shiba Inu at Crossroads, 74 Million XRP Mysteriously Shifted to Wallets: Crypto News Digest by U.Today

U.Today - U.Today has prepared a summary of the top three news stories over the weekend.

This bearish indicator could signal start of major Bitcoin price downturn

In a recent X post, Josh Olszewicz, prominent crypto trader and analyst, noticed the Tenkan/ Kijun crossover on Bitcoin's daily chart. The Tenkan Sen line typically acts as a short-term support level during an uptrend, and during a downtrend as a short-term resistance level. In turn, the Kijun Sen line serves as a medium-term support level. The correlation between these lines could offer crucial indicators to traders regarding current market conditions. The Tenkan Sen crossing below the Kijun Sen is typically interpreted as a bearish indicator since it suggests that bearish pressure is taking hold of the market. However, given that the crossover occurred below the Ichimoku cloud, this signal might not indicate the final blow for the bullish trend. At the moment of writing, Bitcoin is changing hands at $61,891, down 2.87% over the past 24 hours, per CoinMarketCap.

Shiba Inu at crossroads as 69 trillion SHIB hang in balance

Shiba Inu is nearing a crucial turning point as its price drops, putting its bullish momentum to the test. In the past week, the SHIB price increased, reaching highs near $0.000028 before experiencing a correction. The decline in Shiba Inu's price coincides with a broader market dip, as Bitcoin hit its lowest point in about a week. The core of the current price action lies in the 69 trillion SHIB price range, which bulls are defending against bearish pressure. If SHIB bulls are able to hold this crucial level, it may indicate their strength and pave the way for a bounce or even a rally. On the other hand, bears might argue that the current price level may not be sustainable if the market is unable to gain steam. A continuous decline could start a sell-off and drive the price of SHIB down further. Currently, SHIB is trading at $0.0000233, down 5.64% over the past 24 hours.

74 million XRP mysteriously shifted to wallets as whales make insane moves

XRP has recently witnessed a surge in activity that involved a transfer of millions of tokens to various wallets in a series of transactions. Like many other crypto assets, XRP has dropped amid a broader market downturn, with its price declining to $0.5123 by 1.25% over the past 24 hours. Thus, large XRP transfers could indicate whales buying the dip, taking advantage of the current market situation. In what might coincide with this strategic move, millions of XRP tokens have been moved to various unknown wallets from crypto exchanges such as Binance and Bitvavo. According to Whale Alert data tracker, 74 million XRP were recently moved in three large transactions: 24,059,884 XRP worth $12,390,804; 26,336,059 XRP worth $13,563,030 and 24,118,600 XRP worth $12,461,230. The increase in whale activity could indicate that investors think XRP is undervalued and are seizing the chance to buy tokens at lower prices.

This article was originally published on U.Today