The post Shiba Inu Dips 16%, Targets $0.0000161 After Resistance Hold appeared on BitcoinEthereumNews.com.

Following its recent approach to the $0.0002167 resistance, the popular meme coin Shiba Inu has exhibited massive downward pressure, with its price currently facing a 3-day bearish streak. As of press time, the token exchanges hands at $0.00001782, reflecting a 7.87% dip in the last 24 hours and an over 18% slump from the $0.00002167 barrier. This adverse price action further aligns with the halting growth of the layer-2 scaling solution, Shibarium. Upon its debut, Shibarium was anticipated to catalyze SHIB’s price revival, yet recent data paints a gloomy picture. Since September 27, key metrics such as daily transactions, new accounts, and new contracts on the Shibarium network have plummeted, contributing to the token’s bearish sentiment. This slowdown in network activity has raised concerns among traders and analysts hoping for renewed momentum in the cryptocurrency’s price action. Moreover, the token’s failure to break past the $0.0002167 barrier has left it vulnerable to further declines, and as of now, it is targeting the $0.0000161 price level as the next potential support zone. Another critical signal contributing to Shiba Inu’s recent price decline is the marked drop in large transaction volumes, specifically those surpassing $100,000. According to data from IntoTheBlock, the volume of such high-value transactions has plunged by over 50% in the last 24 hours. The total value of these large trades now stands below $40 million, a sharp contrast to the more active trading environment seen during Shiba Inu’s upward runs. Technical Indicators Signal a Strengthening Bearish Momentum The RSI indicator on the daily chart shows that Shiba Inu is currently in the overbought region, indicating a bearish dominance in the cryptocurrency market. Positioned at 61.52 below the signal line and pointing downwards, the RSI indicates immense space for further downtrend in the short term before the neutral 50 area…

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Filed under: News - @ October 1, 2024 3:23 am