Is Shiba Inu Dead? SHIB Price Hits Two Year Low, But This New Meme Coin Seems Bullish
The post Is Shiba Inu Dead? SHIB Price Hits Two Year Low, But This New Meme Coin Seems Bullish appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) is now trading 92% below October 2021’s all-time high, leading many investors to ponder: Is the coin officially dead? With no positive momentum in sight and the price nearing breaking key support levels, sentiment is becoming increasingly bearish. Meanwhile, a new meme token called Meme Kombat (MK) has emerged, looking to steal some of Shiba Inu’s former glory. Shiba Inu’s Price Continues Dropping as Key Support Level Looms SHIB is hovering around the $0.0000068 level, having posted three bearish daily closes in a row. The token’s price has broken out of the nearby trading range to the downside, looking likely to return to support at $0.0000065. SHIB is now well below the 20-day and 50-day Exponential Moving Averages (EMAs), signaling deteriorating momentum in the near term. However, indicators like the Relative Strength Index (RSI), sitting at a value of 33, show that Shiba Inu is close to becoming oversold, raising the possibility of some minor relief soon. Longer-term success for SHIB will hinge on price sustaining above the nearby support level and using it as a floor to reclaim the 20-day and 50-day EMAs. Given Shiba Inu’s notorious volatility, one tweet from a well-known influencer or a brand-new use case could spark a turnaround – meaning many traders are waiting on the sidelines for signs of a potential recovery. SHIB Price Decline Linked to Shibarium Development Delays One of the main reasons for Shiba Inu’s recent decline is frustrations around the delayed development of the Shibarium layer-2 network. Shibarium was intended to bolster the SHIB ecosystem and enable increased token burns, yet the slow pace of validator additions has raised security concerns. Lead developer Shytoshi Kusama has asked for patience, stating that the team prioritizes safety over speed. However, without significant burns for Shibarium and a lack…
Filed under: News - @ October 11, 2023 8:20 pm