Crypto Currency Tracker logo Crypto Currency Tracker logo
NewsBTC 2023-05-17 09:37:58

Shiba Inu Faces Tough Resistance, Risk Of Uncharted Lows – Here’s Why

Shiba Inu (SHIB) has been experiencing a tumultuous journey in the crypto market since its inception in August 2020. However, the past few weeks have been particularly eventful for SHIB holders, as the coin has been struggling to break past a crucial resistance level, known as the “Death Line.” This foreboding term was coined by SHIB enthusiasts to refer to the critical resistance level at $0.000008. The level has been a significant hurdle for the meme coin to cross since early May, and it has made several attempts to break past it, only to face rejection each time. This resistance level has caused considerable anxiety among SHIB holders and traders, who are now closely monitoring the coin’s movements to see if it can finally overcome the dreaded line and push towards a new all-time high. Related Reading: Power Play: Top 5 Cryptos Set To Ignite The Week With Decent Gains Shiba Inu Faces Market Pressure Amid ‘Death Line’ Fears Shiba Inu has been grappling with market pressure in recent weeks, with its CoinGecko price hovering at a meager $0.00000878 and experiencing a stagnant 24-hour change of 0.8%. Over the past seven days, SHIB has seen a 1.9% decrease in value, struggling to break free from the grips of the recent slump. Source: Coingecko The SHIB token faces significant challenges, with the existence of the “Death Line” looming ominously over its future. The term refers to a crucial resistance level at $0.000008, which the token has been unable to breach despite repeated attempts. The failure to overcome this barrier could potentially cause the token’s price to plummet to $0.000007, marking a severe setback for SHIB and its holders. #Bitcoin #Cryptonews #Ethereum #BTC #Crypto #Blockchain Shiba Inu’s (SHIB) ‘Death Line’ Might Cause True Horror on Market https://t.co/xXo8RIXBRC pic.twitter.com/qPgwLqt1Ba — CryptoverseEu (@Cryptoverse_Eu) May 16, 2023 Source: TradingView Furthermore, despite reaching a solid support level at around $0.000008, SHIB’s price is under considerable pressure from the market. If the token fails to maintain its position above the support line, a significant price correction could ensue. SHIB currently has a market cap of $5.27 billion. Chart: TradingView.com Related Reading: Not So Covert: The Secret Service Owns Crypto And Promotes NFTs, And – Why Not? Analyzing Potential Downturn Several factors hold sway over the trajectory of the Shiba Inu token and the wider crypto market. Market sentiment, for instance, plays a significant role. The emotions, opinions, and attitudes of investors can greatly impact the demand and value of cryptocurrencies. Positive sentiment can fuel bullish trends and drive prices upward, while negative sentiment can trigger sell-offs and result in a bearish market. Technical analysis indicates the possibility of a downturn in the crypto market, but it’s crucial to recognize the ever-present volatility that characterizes this realm. Despite the indications, it is important to acknowledge that nothing is definitive in this unpredictable landscape. -Featured image from iStock

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.