Shiba Inu – Can the Chainlink partnership help SHIB after its 35% fall?
The post Shiba Inu – Can the Chainlink partnership help SHIB after its 35% fall? appeared on BitcoinEthereumNews.com.
contributor Posted: December 21, 2024 Shiba Inu strikes a Shibarium deal with Chainlink, for CCT standard adoption. SHIB bulls show off, undoing most of the gains achieved in November. Shiba Inu [SHIB] and Chainlink [LINK] have reportedly struck a deal to boost Shibarium mainnet operations. Will this development turn the tide back in favor of the bulls after the recent downside? According to the official announcement, the collaboration allows Shibarium to adopt Chainlink’s blockchain interoperability standard, CCT. This development will enhance Shibarium’s efficiency and security, especially in DeFi. It also shows Shibarium’s commitment to growth, potentially boosting investor sentiment. However, this development is not expected to impact Shiba Inu in the short run. Shiba Inu extends extreme selloff SHIB has experienced a roller-coaster of price action, with the latest wave being extremely bearish. At press time, it was trading at $0.00002295 after dipping by 12.84%, bringing its total weekly downside to 35.61%. Source: TradingView The selling pressure was intense, causing the price to dip below $0.00002737 and $0.00002289. This range, aligned with the 0.5 and 0.618 Fibonacci levels from the September to December rally, had a high probability of a bounce-back. The strong bearish momentum could still push lower, but Shiba Inu was nearing oversold territory according to the RSI, hinting at a potential re-accumulation zone. Coinglass reported spot outflows worth almost $10 million on the 20th of December, which at the time was the largest daily outflows in the past seven days. However, a subsequent wave of accumulation quickly turned into a $7.94 million positive netflow. Source: Coinglass Mid-week, selling pressure gained fresh momentum as whale outflows intensified. Large holder outflows rose from $856.14 billion SHIB on the 18th of December 18 to $2.75 trillion SHIB on the 19th of December. There was also some whale accumulation, shown by…
Filed under: News - @ December 21, 2024 10:10 am