Altcoins

Is Shiba-Inu Going Down? The Hype Around Shibaswap Ain’t Working For the Prices!

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Both crypto traders and investors are concerned about the current state of the crypto market. SHIB desperately requires institutional backing to survive in this environment for a longer period of time, as the community and sentiments are proving insufficient. 

The entire crypto market, on the other hand, was on the edge of collapse before hitting reverse. SHIB, called the “Doge Killer” in allusion to the now-defunct currency Dogecoin, has recently undergone fast market growth, reaching an all-time high. In addition, the volume of Shiba Inu that has recently been exchanged is slowly increasing.

ShibaSwap, a fast-rising DeFi platform that locked in $1.5 billion in total locked value in just two days after introduction, is one of the platform’s most significant developments. The coin, on the other hand, did not experience any bullish movement following its debut. 

While investors were anticipating a significant increase in its value. When they revealed three additional ShibaSwap pairs, it increased by 20%. ETH-USDT, LEASH-BONE, and SHIBA-BONE have all been added.

SHIBA INU – SHIB Price

In the last several days, Shiba Inu’s volatility has been at an all-time high. SHIB Price is now in a bearish trend, which could continue this week. If the downturn continues, SHIB might drop as low as $0.000006, retesting lower support at $0.0000055. Despite this, the SHIB token has risen to $0000065, which is around 15% higher than its lowest point this week.

The price of the Shiba Inu is sitting just above two key support levels: $0.00000654 and $0.00000625. 

If these levels are breached, the altcoin may be forced to retest the range bottom of $0.00000520. The resistance levels on the upside are $0.00000827, $0.00001018, and $0.00001135. 

While SHIB supporters and the community await a breakout, it will be intriguing to observe which path Shiba Inu’s price will take, especially with Bitcoin Price exhibiting upward momentum.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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