Shiba Inu (SHIB) hovers above its most crucial support at $0.000007 while traders shift their attention to Calcium (CAL), a dummy test token launched by the network\u2019s developers but not for investment purposes.<\/p>\n
Down 1.3% over the last seven days, the second most popular meme coin\u2019s search for the bear market seems far from over.<\/p>\n
Does Shiba Inu Price Recovery Depend On This Level?<\/h2>\n
The run-up to the launch of Shibarium, a Layer 2 scaling protocol, sustained a Shiba Inu price rally from the low in June at $0.000006 to highs above the psychological hurdle at $0.00001 but lost steam on touching highs of $0.000011.<\/p>\n
Instead of the rally continuing post the launch in mid-August, declines attributed to the scaling challenges faced by the new network engulfed the token. The sell-off that followed had no regard for several support areas, leaving Shiba Inu price to plummet to $0.000007.<\/p>\n
If support at $0.000007 continues to hold firmly, confidence in the possibility of a rebound above $0.00001 will start to improve among investors. Besides, with SHIB trading at $0.00000728 and holding above the lower ascending trendline (in the chart), the risk of further declines in search of a bear market bottom may have reduced significantly.<\/p>\n A buy signal from the Moving Average Convergence Divergence (MACD) indicator suggests that a rebound is due. Traders often look out for the blue MACD line crossing above the red signal line to place their buy orders in conjunction with other trend indicators.<\/p>\n A positive outlook from the Relative Strength Index (RSI) reveals that bulls have the upper hand. However, buy signals are not enough to reverse the trend unless\u00a0traders rally behind SHIB<\/a>\u00a0to build the momentum to make the climb to $0.00001 materialize.<\/p>\n Traders seeking exposure to Shiba Inu longs should keep in mind the plausible speed brakes likely to dampen the uptrend. For instance, the 21-day Exponential Moving Average (EMA) (red) which might complicate SHIB\u2019s outlook at $0.00000751, the 100-day EMA (blue) at $0.00000817 and the 200-day EMA (purple) at $0.00000886.<\/p>\n On the contrary, losing the immediate support provided by the lower ascending trendline would exert more pressure on the key support at $0.000007, thus increasing the risk of the down leg stretching to seek liquidity from a much lower bear market bottom price point.<\/p>\n The Shiba Inu community is a buzz with discussions around a fake token launched by the protocol\u2019s developers for test purposes after traders jumped on it to resurrect it to make it a real token.<\/p>\n Developers issued Calcium (CAL)<\/a>\u00a0on Friday, a dummy token intending to renounce one of the ecosystem\u2019s tokens, bone (BONE) token contract. A bot scooped 50% of the supply as planned after CAL went live on ShibaSwap, a decentralized exchange.<\/p>\n Some traders saw this as an opportunity and started buying Calcium with the hope of making a quick buck, but luck was not on their side and they lost money. The token was not meant for investment purposes.<\/p>\n Traders claiming to have lost money moved quickly by creating a new trading pair on another DEX, Uniswap, leaving the CAL tokens on ShibaSwap almost worthless after plunging 99% and attracting only $4,800 in trading volume.<\/p>\n $CAL<\/a> The newest coin launched by $SHIB<\/a> team<\/p>\n a thread\ud83e\uddf5 pic.twitter.com\/j0s27iIEkn<\/a><\/p>\n \u2014 BlockChainKing (@1BlockChainKing) September 22, 2023<\/a><\/p>\n<\/blockquote>\n The situation on Uniswap was, however, different with trading volumes rallying to $4 million supported by $164,000 in liquidity.<\/p>\n A narrative has begun to form around cal, essentially abandoned by $SHIB<\/a>, it is truly out of their control yet created by them. $CAL<\/a> is the bastard child of the shib lineage pic.twitter.com\/HYChQ9RZVP<\/a><\/p>\n \u2014 bagofbread (\u26b0\ufe0f,\u26b0\ufe0f) (@Bagofbread2) September 22, 2023<\/a><\/p>\n<\/blockquote>\n Shiba Inu developers created a token, and renounced their rights to the token, losing all control to the community.<\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n![\"Shiba](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/09\/SHIBUSD_2023-09-22_16-12-06.png\")
<\/a>Traders Jump On Dummy Token<\/h2>\n
The Spinoff<\/h2>\n
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