Shiba Inu Latest Dip – A Bullish Opportunity In Disguise?
06 Setembro 2023 - 5:30AM
NEWSBTC
Shiba Inu (SHIB) has been making headlines once again, but this
time for all the wrong reasons. The popular meme token has been
under sustained selling pressure, leading to a significant crack in
a critical support level. Despite the recent launch of
Shibarium, a blockchain platform aimed at enhancing the SHIB
ecosystem, the bearish sentiment seems to have a firm grip on the
token’s price chart, raising concerns about the long-term outlook.
The crack in SHIB’s armor became evident as it breached the crucial
$0.00000807 support level, resulting in a 7.3% decline in its price
over the past seven days. Currently, SHIB is trading at
$0.00000764, as reported by CoinGecko, with a modest 1.5% gain in
the last 24 hours. However, these numbers only tell part of the
story. Related Reading: Ethereum Bears Gain Upper Hand With
Escalating Sell-Off: Impact On ETH Price Shiba Inu’s Bearish
Indicators Abound A deeper dive into the technical indicators as
revealed in a recent report reveals a grim picture for SHIB. The
Chaikin Money Flow (CMF) has seen a substantial decline, resting at
the zero mark as of press time. This signifies a lack of buying
pressure and strong capital outflows. Moreover, the Relative
Strength Index (RSI) remains in a downtrend, hovering just above
the oversold zone, highlighting the absence of demand for SHIB.
SHIB market cap currently at $4.5 billion on the daily chart:
TradingView.com Intriguingly, the report also points out that the
levels at which bears could potentially profit might serve as a
price reversal zone for bulls, drawing parallels with price action
observed in early June. However, the 24-hour liquidation data from
Coinglass suggests a muted possibility of a bullish uptick in the
near future. Shiba Inu: The Indian Connection Despite the
challenging times for SHIB, it continues to make waves on WazirX,
one of India’s leading cryptocurrency exchanges. According to a
recent tweet from the exchange, SHIB held its ground among the top
three most traded digital currencies in August, alongside giants
like Bitcoin and XRP. Top five traded coins on WazirX in
August: 🚀 $USDT 🚀 $BTC 🚀 $SHIB 🚀 $XRP 🚀 $ETH
pic.twitter.com/Xes1MlAl95 — WazirX: India Ka Bitcoin Exchange
(@WazirXIndia) September 5, 2023 According to a report, this trend
mirrors the performance observed in June and July, where these
tokens showcased resilience, often trading in tandem with Bitcoin,
the market’s heavyweight. Related Reading: Pepe Coin September
Challenge: Can It Reach $0.000001 Again? The lackluster performance
of SHIB in the face of the Shibarium launch and the bearish
technical indicators raise concerns about its long-term prospects.
Meanwhile, a price reversal cannot be ruled out, and SHIB’s latest
dip could be just a bullish opportunity in disguise. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
Featured image from Getty Images
Tether USD (COIN:USDTUSD)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Tether USD (COIN:USDTUSD)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024