SHIB Raises Green Wick in Bear Market, DTX Becomes Leading Presale in August With $1.25 Million Raised

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As a sudden deluge of coins affected the market, Ethereum (ETH) faced a substantial 22% decline, its largest since May 2021. In contrast, Shiba Inu (SHIB) and DTX Exchange showed resilience in this challenging environment. 

Shiba Inu (SHIB) emerged as a top gainer, while DTX demonstrated an impressive increase of $1.25 million within the second presale stage. 

Let’s explore the current price actions of these altcoins!

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Ethereum (ETH) Price Declines Following The Massive Sell-off

On August 5th, Ethereum’s (ETH) price plunged to a floor of $2,100. A 22% drop marked the altcoin’s largest one-day decline since May 2021. This rapid decline is primarily attributed to various strategic and macroeconomic moves, including a notable transfer of $315 million worth of Ethereum (ETH) by jump trading to exchanges.

Ethereum’s (ETH) on-chain activity shows a massive decline. The number of active and new addresses on the blockchain decreased, according to data from The Block. Between July 27th and August 3rd, it dropped from 93,840 to 82,540. 

Daily transactions on the network also decreased, from 1.17 million on July 6th to 1.11 million on August 4th. This decline in metrics comes after the recent launch of Ethereum (ETH)  spot ETFs in the United States. This suggests that some investors prefer to gain exposure to Ether through funds rather than directly purchasing the crypto asset.

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Currently, Ethereum (ETH) is striving to break the $2,500 mark. However, the outlook for a swift price recovery of the crypto asset remains uncertain. Some analysts even foresee the asset falling to $2,000. In short, the road to recovery could be long.

Shiba Inu (SHIB) Emerges As Top Performer With A 15% Increase

The Shiba Inu (SHIB) price saw a significant rebound on 6th August, recovering some losses from the previous day’s market downturn. This price movement has positioned Shiba Inu (SHIB) as one of the top gainers in the recent market-wide recovery, displaying a strong correlation with Bitcoin.

The recent candlestick shows a green candle after a series of red candles, suggesting a potential reversal within the descending wedge. The falling wedge pattern also suggests a corrective phase, which might lead to a bullish breakout. 

The 50-day EMA is at $0.00001734, and the 200-day EMA is at $0.0000186, both above the current price. The Shiba Inu (SHIB) price chart shows an immediate support level of around $0.0000115, with a stronger support zone between $0.00001 and $0.000011. This zone also has a fair value gap that the price action filled in yesterday’s crash. 

Additionally, it was the last zone of market imbalance for the Shiba Inu (SHIB)  price, suggesting the dip is over. The Relative Strength Index (RSI) is almost in oversold territory at 33.01. This suggests that there may be a brief uptick, but overall sentiment is bearish. 

The asset may turn bullish if the Shiba Inu (SHIB) price forecast indicates a break above the 50-day and 200-day EMA, indicating market strength. The bearish thesis could be refuted by a subsequent breakout from the falling wedge, which could propel the SHIB price up 102% to $0.00002796.

DTX Exchange Holds Its Ground Amid  Market Turbulence

DTX Exchange remains resilient in the bearish market conditions, raising over $1.25 million in a single month. The trading platform has caught the eye of the trading world, surpassing traditional CEX and DEX platforms with its significant potential for substantial gains.

The platform provides an accessible trading environment with its lightning-fast trading speed that offers creative use cases. It strives to empower traders with distributive liquidity pools and robust security measures, supporting more than 120,000 trading assets.

In addition to participating in significant giveaways, holders of DTX tokens are granted governance rights. There has been a massive surge in demand for DTX Exchange because of its non-custodial wallets, which provide total access to keys. 

In anticipation of a price increase to $0.06 in the upcoming round, investors are snapping up tokens at $0.04 with great anticipation. A great chance for early investors to join the KYC-free DTX Exchange, according to market experts, is that the token may reach $0.06 by the end of August.

Key Takeaways

The crypto market experienced a historic crashdown as major assets like Ethereum (ETH) and Solana (SOL) plunged significantly. Shiba Inu (SHIB) and DTX Exchange oppose the downtrends by exhibiting impressive price actions.

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