Crypto Market Review, October 10
Monero forms a pattern that can lead to strong price development
The new week in the cryptocurrency market did not start positively, as the majority of digital assets remain in the red zone. One of the main reasons behind that is an upcoming risk increase this week considering all the macroeconomic events that will happen very soon.
Exceptional achievements: Monero, HT
Today’s market leader is Huobi Token, which moved up after Justin Sun joined the exchange as an advisor who will work to make the token a better product, find more use cases and increase its intrinsic value.
Among other leaders is, as expected, Tron (TRX), with around 3% price increase in the last 24 hours. High inflows to the asset were also caused by Justin Sun’s history with Huobi. However, the previous price development of the asset shows that the current growth is purely speculative, and it should not become a basis for a proper extraction rally.
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In a medium to long-term perspective, Monero is one of the coins showing us the formation of a strong chart pattern that could be the start of a disruptive performance for the privacy coin.
XMR is forming a bullish flag pattern that often appears ahead of a rise, which may be the case for the coin that broke through the $150 local resistance level back in July.
The Shiba Inu refused
As we have mentioned in our previous market review, the Shiba Inu has reached a pivotal moment on the chart as it has once again reached the local resistance level it needed to break to maintain its position in the market.
However, the lack of inflows, network activity and trading volume worked against the possible breakout and the token quickly reversed back below the values we had seen for weeks now.
The lack of momentum on the token will most likely become a trend until traders and investors see some potential in SHIB again. As we mentioned, the low activity on the network and the lack of burning activities is slowly turning Shiba Inu into a ghost chain, which is a dangerous trend for any kind of decentralized network that can lead to a series of delistings and the logical end of a project.
Bitcoin has yet another fall
While the recovery seemed like a possibility for the past week, Bitcoin’s future looks even more bleak today compared to early October. The first cryptocurrency struggling to find a basis for a bounce has consolidated around $19,000 for several days.
With a number of economic events happening this week, we may see a spike in volatility on Bitcoin and other cryptocurrencies. However, it could end up being downward volatility which will cause even more problems for cryptocurrency holders.
At press time, Bitcoin is trading at $19,345, losing around 0.5% of its value over the past 24 hours.
