{"id":150720,"date":"2023-09-06T14:04:59","date_gmt":"2023-09-06T08:34:59","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=150720"},"modified":"2023-09-06T14:04:59","modified_gmt":"2023-09-06T08:34:59","slug":"a-bullish-opportunity-in-disguise-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/a-bullish-opportunity-in-disguise-crypto-news\/","title":{"rendered":"A Bullish Opportunity In Disguise? – Crypto News"},"content":{"rendered":"

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Shiba Inu (SHIB) has been making headlines once again, but this time for all the wrong reasons. The popular meme token has been under sustained selling pressure, leading to a significant crack in a critical support level.\u00a0<\/span><\/p>\n

Despite the recent launch of Shibarium, a blockchain platform aimed at enhancing the SHIB ecosystem, the bearish sentiment seems to have a firm grip on the token\u2019s price chart, raising concerns about the long-term outlook.<\/span><\/p>\n

The crack in SHIB\u2019s armor became evident as it breached the crucial $0.00000807 support level, resulting in a 7.3% decline in its price over the past seven days. Currently, SHIB is trading at $0.00000764, as reported by <\/span>CoinGecko<\/span><\/a>, with a modest 1.5% gain in the last 24 hours. However, these numbers only tell part of the story.<\/span><\/p>\n

Shiba Inu\u2019s Bearish Indicators Abound<\/strong><\/h2>\n

A deeper dive into the technical indicators as revealed in a recent report reveals a grim picture for SHIB. The Chaikin Money Flow (CMF) has seen a substantial decline, resting at the zero mark as of press time. <\/span><\/p>\n

This signifies a lack of buying pressure and strong capital outflows. Moreover, the Relative Strength Index (RSI) remains in a downtrend, hovering just above the oversold zone, highlighting the absence of demand for SHIB.<\/span><\/p>\n<\/p>\n

SHIB market cap currently at $4.5 billion on the daily chart: TradingView.com<\/a><\/pre>\n
Intriguingly, <\/span>the report<\/span><\/a> also points out that the levels at which bears could potentially profit might serve as a price reversal zone for bulls, drawing parallels with price action observed in early June. However, the 24-hour liquidation data from Coinglass suggests a muted possibility of a bullish uptick in the near future.<\/span><\/p>\n
Shiba Inu: The Indian Connection<\/strong><\/h2>\n
Despite the challenging times for SHIB, it continues to make waves on WazirX, one of India\u2019s leading cryptocurrency exchanges. According to a <\/span>recent tweet<\/span><\/a> from the exchange, SHIB held its ground among the top three most traded digital currencies in August, alongside giants like Bitcoin and XRP.\u00a0<\/span><\/p>\n
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Top five traded coins on WazirX in August:<\/p>\n
\ud83d\ude80 $USDT<\/a>
\ud83d\ude80 $BTC<\/a>
\ud83d\ude80 $SHIB<\/a>
\ud83d\ude80 $XRP<\/a>
\ud83d\ude80 $ETH<\/a> pic.twitter.com\/Xes1MlAl95<\/a><\/p>\n
\u2014 WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 5, 2023<\/a><\/p>\n<\/blockquote>\n
According to a <\/span>report<\/span><\/a>, this trend mirrors the performance observed in June and July, where these tokens showcased resilience, often trading in tandem with Bitcoin, the market\u2019s heavyweight.<\/span><\/p>\n
The lackluster performance of SHIB in the face of the Shibarium launch and the bearish technical indicators raise concerns about its long-term prospects. <\/span><\/p>\n
Meanwhile, a price reversal cannot be ruled out, and SHIB\u2019s latest dip could be just a bullish opportunity in disguise.<\/span><\/p>\n
(This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Getty Images<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu (SHIB) has been making headlines once again, but this time for all the wrong reasons. The popular meme token has been under sustained selling pressure, leading to a significant crack in a critical support level.\u00a0 Despite the recent launch of Shibarium, a blockchain platform aimed at enhancing the SHIB ecosystem, the bearish sentiment […]<\/p>\n","protected":false},"author":2,"featured_media":150721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-150720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=150720"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150720\/revisions"}],"predecessor-version":[{"id":150723,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150720\/revisions\/150723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150721"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=150720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=150720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=150720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}