Shiba

Pepe Coin

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-market-faces-potential-downtrend-as-meme-tokens-suffer" rel="noopener noreferrer nofollow">Crypto Market Faces Potential Downtrend as Meme Tokens Suffer</a><br></p>
<p style="text-align: justify">The digital currency market is experiencing a significant correction, which is particularly impacting meme-based cryptocurrencies such as <a href="https://en.bitcoinhaber.net/dogecoin-value-skyrockets-as-whale-buyers-dive-in" rel="noopener noreferrer nofollow">Dogecoin</a> (<a href="https://en.bitcoinhaber.net/whale-stirs-dogecoin-market-with-giant-transfer" rel="noopener noreferrer nofollow">DOGE</a>), Shiba Inu (SHIB), Pepe Coin (PEPE), and BONK. Experts warn that a sharp downturn might be on the horizon, suggesting that these tokens have become overvalued after their recent surge, placing them in a precarious position for a potential sell-off.</p>
<h2 id="shib-encounters-selling-pressure">SHIB Encounters Selling Pressure</h2>
<p style="text-align: justify">Shiba Inu’s recent price falter may foreshadow a plunge beneath key technical levels, as the token is now struggling to maintain its value. Over the last three weeks, SHIB has seen a 43% decrease, plummeting from $0.000045 to $0.0000259. Technical analysis reveals a downward trend line on the daily chart, acting as resistance and possibly signaling waning buyer interest. Furthermore, the current supply dynamics have already driven SHIB’s price below a critical midpoint, hinting at dissipating bullish strength.</p>
<h2 id="prospects-for-shib-remain-uncertain">Prospects for SHIB Remain Uncertain</h2>
<p style="text-align: justify">On the contrary, data shows that long-term token holders, defined as those who have kept their tokens for more than a year, have decreased their positions by 9.07%. This pullback by steadfast investors could lead to increased selling pressure, endangering support levels. If the selling intensifies and the price crosses below the 61.8% Fibonacci support at $0.00002376, SHIB could see a further dip to $0.00001812 by the end of the month. However, a breakthrough above the prevailing trend line might pave the way for a rebound in Shiba Inu’s market value.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-market-faces-potential-downtrend-as-meme-tokens-suffer" rel="noopener noreferrer nofollow">Crypto Market Faces Potential Downtrend as Meme Tokens Suffer</a></h5>

Crypto Market Faces Potential Downtrend as Meme Tokens Suffer

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