Bitcoin Is at Dangerously Low Level, Shiba and Doge Rally Close to Being Over: Crypto Market Review, August 17

As the market saw a lot of positive sentiment over the past week, the majority of digital assets lost as much as 10%. This same trend is unfortunately being foreshadowed by meme currencies such as Shiba inu or Dogecoin.

Dogecoin and Shiba Inu are losing ground

Meme currency enthusiasts are finding it increasingly difficult to trade the dog-themed assets that they once had power on the market on Sunday and Monday. One possible explanation for the slowing rally is the low trading volume and the calm performance of coins and meme tokens that can gain up to 50% in bullish rallies. This is not the case today.

Recent U.Today articles on Shiba inu have revealed that the token is consolidating around an important resistance line which, if broken will most likely act like a trampoline to the asset’s next move.

The coin’s performance, which is similar to Shiba Inu in its nature, indicates the gradual fading and reversal of the rally that was just started, according to the trading volume pattern.

The main reason for the slowing performance was due to Shiba Inu’s price rise being mainly driven by whale-tier investors.

Bitcoin is on the verge of collapse

Bitcoin has been in an ascending wedge pattern over the past few weeks, without ever breaking down or moving up as we have already mentioned. This price performance is usually indicative of a lackluster investor confidence or a lackluster market inflow.

Today, BTC is close to breaking the current support level. This will lead to a plunge into the $22,000 range.

To push Bitcoin back into the panic zone, bears must break one more threshold. This is the 50-day moving median, which has, coincidentally not been tested since the breakout five days ago.

Also, Ethereum outperformed Bitcoin in terms open interest on derivatives such as options for the first-ever time in history. This shows that investors are not as interested in the digital gold as the second largest cryptocurrency on market. It will soon get a fundamental update.

The first cryptocurrency has lost more than 1% in the past 24 hours. Overall, the market performance is still poor with volatility reaching new lows for most assets.