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.
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
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