Over the past weekend, cryptocurrency trader Josh Olszewicz raised concerns about Bitcoin’s potential bearish reversal. He pointed out that the price of Bitcoin had fallen below the Kijun line, indicating a bearish trend. Despite the possibility of a price recovery, the trader highlighted a previous “triple top” structure that signals a bearish reversal. With Bitcoin currently priced at $64,328, according to CoinMarketCap, traders are keeping a close eye on the market trends.
Shibarium Sees Surge in Activity
Shibarium, Shiba Inu’s layer-2 solution, experienced a significant spike in activity over the weekend. Daily transactions on the network surged from 288,690 to 347,460 on Saturday, April 13, and continued to grow to 419,520. This uptick in transactional activity coincided with a rise in the number of active accounts, indicating a strong community engagement. The network saw a 218.33% increase in active accounts and a 173% increase in new accounts, fostering optimism within the Shiba Inu community.
Robinhood Witnesses Large Dogecoin Withdrawals
On Saturday, April 13, Robinhood reported a withdrawal of several hundred million Dogecoin, coinciding with a 19% price drop of DOGE. Whale Alert data revealed three large transactions involving 150,000,000; 100,000,000; and 74,024,901 DOGE. While the smallest amount was deposited into Robinhood, the larger chunks were removed from the platform, suggesting strategic moves by anonymous whales. The 74 million DOGE left on Robinhood could either be stored for the long term or sold, with the total value of the transactions amounting to $49.9 million in fiat currency.
The cryptocurrency market experienced several significant developments over the weekend, with Bitcoin facing a potential bearish reversal, Shibarium witnessing increased activity, and Robinhood seeing large Dogecoin withdrawals. Traders and investors are advised to closely monitor these market trends and adjust their strategies accordingly to navigate the volatile cryptocurrency landscape effectively.