U.Today – Historically, U.S cryptocurrency market performance and the Dollar Index (DXY) have a pronounced negative correlation. Rallying in and other cryptocurrencies was frequently the result of a decline in the DXY. This relationship made sense because declining dollar values usually cause investors to turn to alternative assets like cryptocurrency.
It appears that the current state of the market is breaking this pattern, though. Given that the DXY has dropped significantly and has recently reached all-time lows, it is reasonable to anticipate that Bitcoin and the larger cryptocurrency market will rise sharply in response.
The dynamic nature of the cryptocurrency market itself may be one cause of this broken link. The market grows increasingly complex as it ages, impacted by more variables than just the DXY. Today’s cryptocurrency prices are greatly influenced by regulatory changes, market sentiment and macroeconomic uncertainty.
The cautious attitude that has been prevalent on the market lately may also be a contributing factor. The market’s recent volatile regulatory actions and persistent worries about the stability of the global economy may make investors wary of investing in riskier assets like cryptocurrencies. The usual excitement that a declining DXY would have generated may be tempered by this cautious approach.
finally hits resistance
Shiba Inu hit the 26-day Exponential Moving Average (EMA), a key resistance level that traders are keeping a close eye on. This is the first significant obstacle that SHIB needs to clear in order to maintain its upward trajectory and perhaps pave the way for future gains.
SHIB’s successful break above the $0.000014 price level, which served as a crucial support and gave the current rally the required impetus, has led to the approach of this resistance level. The breach of the crucial $0.000014 level has encouraged traders and SHIB holders to be optimistic, as it may indicate that the cryptocurrency is ready to move higher.
Still, the 26 EMA is a significant obstacle. This moving average has demonstrated its ability to accurately predict trend continuations or…
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