Shiba Inu

<ul><li>Shiba Inu faces rejection at a former support zone, pushing the coin back into an earlier price range.</li><li>After a 20% drop from the $0.0000205 level, SHIB alarms investors and analysts with diminishing momentum.</li><li>On-chain metrics show increased selling pressure and bearish momentum, indicating possible further declines.</li></ul>Shiba Inu (SHIB) encountered a significant obstacle, facing rejection at a former support zone. This rejection has pushed the meme coin back into a price range established earlier this month. On-chain metrics reveal increased selling pressure, exacerbating the coin&#39;s current struggles.Following the rejection from the <a href="https://cryptotale.org/shiba-inu-burn-rate-surges-by-482-88-in-24-hours/" rel="noopener noreferrer nofollow">$0.0000205 level</a> last week, SHIB experienced a nearly 20% price drop. Momentum and buying pressure have both diminished, suggesting the potential for further losses. This decline has alarmed both investors and market analysts.Previously, the $0.0000205 resistance level was crucial, marking the low of a range SHIB traded within from April to mid-June. A breakout above this range occurred on July 14, indicating a possible bullish trend. However, the price has since fallen below the $0.0000172 support zone, reversing this positive outlook. As of press time, SHIB is trading at <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">$0.0000168</a>, showing a significant upward movement of 2.82% in the past day.<a href="https://cryptotale.org/shiba-inu-faces-critical-rejection-bearish-sentiment-grows-as-price-falls/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Shiba Inu Faces Critical Rejection: Bearish Sentiment Grows as Price Falls

CryptoTale

Other articles published on Jul 27, 2024

Solana Ecosystem Achieves Significant Gains

Uniswap Team Makes Massive $UNI Deposits Amid Recovery Signs

RFK Jr Promises Executive Order to Buy 550 Bitcoin Daily If Elected President

ZKX Unveils ‘Isolated Funds’ to Minimize Losses for Users

Solana Memecoin Trump Fired Biden (TRUMPBID) Will Rally 17,000% Before Its First CEX Listing, Whi...

Polkadot And Ethereum Takes A Dive Following ETF Approval But Raboo Continues To Make A Splash

Join our free newsletter for daily crypto updates!