Altcoins

Shiba INU Price in Deep Waters, Will this Attempt of Binance Regain the Lost Momentum

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 9, 2022

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Highlights

    Shiba INU price, similar to many other altcoins is consolidating just above the crucial support zone, displaying a significant possibilities of slicing through these levels

    On the other hand, Binance has announced a promotional offer, giving away 45,000 SHIB tokens, may be an attempt to stabalize the SHIB prices

Shiba INU price nowadays appears to have faded all its glory as the prices remained capped below the crucial resistance for a pretty long time. The asset is just extending the apex of the descending triangle to the maximum without portraying any possibilities of breaking down from the bearish setup. However, the last point of defence still lies at a distance of 50%, but it appears pretty unlikely that the SHIB price could make it to these levels. 

In a recent update, the most popular cryptocurrency exchange Binance has stepped in probably to attract the traders towards Shiba INU. As per the announcement, Binance is all set to distribute 45,000 SHIB tokens for the new users who register with them within the mentioned time frame. 

The new users can grab this offer while the rewards can automatically be staked for 150 days with 100% APY. The platform had earlier announced a similar giveaway for the users in March that had notably impacted the SHIB price as well. Binance since the beginning had supported the popular memecoin at the fullest, as it had listed the token much before any other platform and fueled the SHIB price rally. 

Presently, the Shiba INU price appears to have lost most of its volatility along with volume and hence the consolidation is expected to continue for a long. However, the giveaway earlier had raised the price by nearly 12% to 15% and hence if the history repeats, another jump may rise the price beyond $0.00001500. No doubt, the traders still are pretty much distinct from dealing with SHIB price, but eventually, the attempts could turn fruitful and uplift the price soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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