Amid the mild recovery seen in the price of Bitcoin (BTC) and the broader crypto market lately, SHIB continues to remain in a downtrend with a 1.12% decline in the last 24 hours.
A close look at the SHIB/USDT one-day price chart shows that Shiba Inu is facing a tough resistance level dubbed the “Death Line”.
The presence of this bearish indicator has introduced negative sentiments on the crypto asset as seen in the low 24-hours trading volume which could trigger a massive SHIB sell-off.
This so-called death line is said to be the strongest resistance level the asset has experienced in the last couple of months. And failure to overcome this resistance could drop SHIB lower from the current $0.00000877 support level to the $0.000007 price zone.
On the other hand, if SHIB bulls increase buying pressure, the second-largest decentralized meme token could overcome the bearish trendline which has been valid for months. Consequently, an upsurge could see SHIB soaring significantly in the near term, with $0.0000012 and 0.0000016 as the main targets.
Whether this analysis would play out or not is only a matter of time. However, several positive developments including Shibarium, SHIB Metaverse, and Shibaswap 2.0 could boost investors’ confidence in the meme token, triggering a rally.
More so, the recent massive token burnings could boost the price of SHIB as millions of Shiba Inu tokens are always burned daily by various contributors. Notably, Binance, the largest crypto exchange and leading blockchain ecosystem recently moved SHIB out of the innovation zone as a show of high trust in the token.
Recall also that the new Twitter CEO Linda Yaccarino follows the official Shiba Inu account, leading to speculations that she may be a SHIB holder.
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