Shiba Inu Price Sluggish: Is It A Good Time To Invest Or Cut Losses?
April 28 2023 - 8:58AM
NEWSBTC
Shiba Inu (SHIB) kicked off the year aggressively as it rallied
alongside other meme coins. However, as the year progresses, Shiba
Inu has experienced a downward trend leaving investors wondering:
should they hold or sell? Shiba Inu coin’s value on Coingecko
is currently at $0.00001027, experiencing a decrease of 3.4% over
the last seven days and a more significant slump of 7.8% over the
past two weeks. The question on every investor’s mind now is: what
move should they make next with the meme coin? Source: Coingecko
Key Levels To Watch For Shiba Inu For traders and investors who
want to get a clear grasp of SHIB’s price trajectory, it’s
important to remember that there are two key levels to consider:
the support level and the resistance level. The support level is
currently set at $0.0000095. Alternately, the resistance level,
which is now at $0.00001 at the time of writing, signifies the
price at which sellers are expected to enter the market and sell
their SHIB holdings, hence exerting downward pressure on the price
of the meme coin. Related Reading: Terra Classic Recent Efforts
Could Benefit LUNC’s Growth Potential The price of SHIB may signify
a negative signal and cause traders to sell if it breaks through
the support level. On the other hand, if the price rises over the
$0.00001 resistance level, it can be a bullish indicator that
buyers are flooding the market and pushing the price higher. As
such, keeping a close eye on these key levels can help traders make
informed decisions when buying or selling SHIB. SHIB’s Growing
Community, Shibarium Dev’t Could Make It A Good Buy Shiba Inu could
be an attractive buy this month because of several reasons. For
one, its community is rapidly expanding with many supporters
believing in the project’s long-term potential. Additionally,
the Shiba Inu team has been diligently working on a decentralized
ecosystem that includes a non-fungible token (NFT) platform, a
decentralized exchange, to mention a few. The Shiba Inu community’s
enthusiasm for Shibarium has been apparent in recent posts on the
Telegram group “Shibarium Tech.” SHIB total market cap at $5.8
billion on the daily chart at TradingView.com While there have been
attempts to obtain information about the latest developments from
Shytoshi Kusama, individuals have not heard anything as of April 27
despite Kusama’s promise of “big news before May.” Kusama responded
to the community’s eagerness for Shibarium updates by highlighting
the transparency of all activities related to Shibarium, including
token transfers. He also emphasized the team’s dedication to making
progress and stated that they are working diligently towards their
goals. Related Reading: Shiba Inu Whales Unload Billions Amid
SHIB Price Retreat According to Kusama, the team is currently in
“go mode” and focused on achieving their objectives rather than
just hanging out. Positive updates about Shibarium could have a
positive impact on the meme token’s price during the month of May.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk) -Featured image from NorCal Shiba
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