Shiba Inu (SHIB) has been making headlines as soon as once more, however this time for all of the improper causes. The favored meme token has been below sustained promoting stress, resulting in a major crack in a crucial help level.
Regardless of the current launch of Shibarium, a blockchain platform geared toward enhancing the SHIB ecosystem, the bearish sentiment appears to have a agency grip on the token’s worth chart, elevating issues concerning the long-term outlook.
The crack in SHIB’s armor turned evident because it breached the essential $0.00000807 help level, leading to a 7.3% decline in its worth over the previous seven days. Presently, SHIB is trading at $0.00000764, as reported by CoinGecko, with a modest 1.5% acquire within the final 24 hours. Nevertheless, these numbers solely inform a part of the story.
Shiba Inu’s Bearish Indicators Abound
A deeper dive into the technical indicators as revealed in a current report reveals a grim image for SHIB. The Chaikin Cash Move (CMF) has seen a considerable decline, resting on the zero mark as of press time.
This signifies a scarcity of shopping for stress and robust capital outflows. Furthermore, the Relative Power Index (RSI) stays in a downtrend, hovering simply above the oversold zone, highlighting the absence of demand for SHIB.
SHIB market cap presently at $4.5 billion on the each day chart: TradingView.com
Intriguingly, the report additionally factors out that the degrees at which bears may doubtlessly revenue may function a worth reversal zone for bulls, drawing parallels with worth motion noticed in early June. Nevertheless, the 24-hour liquidation knowledge from Coinglass suggests a muted risk of a bullish uptick within the close to future.
Shiba Inu: The Indian Connection
Regardless of the difficult occasions for SHIB, it continues to make waves on WazirX, one among India’s main cryptocurrency exchanges. In accordance with a current tweet from the alternate, SHIB held its floor among the many high three most traded digital currencies in August, alongside giants like Bitcoin and XRP.
Prime 5 traded cash on WazirX in August:
🚀 $USDT
🚀 $BTC
🚀 $SHIB
🚀 $XRP
🚀 $ETH pic.twitter.com/Xes1MlAl95
— WazirX: India Ka Bitcoin Trade (@WazirXIndia) September 5, 2023
In accordance with a report, this development mirrors the efficiency noticed in June and July, the place these tokens showcased resilience, typically trading in tandem with Bitcoin, the market’s heavyweight.
The lackluster efficiency of SHIB within the face of the Shibarium launch and the bearish technical indicators elevate issues about its long-term prospects.
In the meantime, a worth reversal can’t be dominated out, and SHIB’s newest dip might be only a bullish alternative in disguise.
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Featured picture from Getty Photographs