Shiba Inu has been stuck in a consolidation phase around the $0.000008263 mark after the memecoin saw a sharp drop in value this week. This happened after the bears managed to push the price below its key support levels.
The price action for the memecoin appears shaky at the moment, as the main resistance level for SHIB, around $0.00000914, now acts as a hard nut for its bulls to crack. The immediate support level at $0.000008226 doesn't seem so strong either, as more traders expect further downside pressure in the near term.
Overall, it has now been revealed that about 76% of SHIB Investors are in the red, following the price action of the memecoin over the year.
Overall, the memecoin has failed to move much over the last day and trades at $0.00008982 at the time of writing.
According to IntoTheBlock (far left of the snapshot below), 76% of SHIB Investors are currently at a loss in their investments, 15% are still in profit despite the price dip, and the remaining 9% are at breakeven.
According to the snapshot above, Shiba Inu is mostly owned by large holders (about 80%). However, on-chain data reveals that 52% of SHIB holders have held the token for more than a year, while 40% are investors with less than a year's worth of holdings. At the same time, the CoinMarketCap indicator also shows that Shiba Inu is currently bearish, as illustrated below.
According to the snapshot above, three major indicators show bearishness on Shiba Inu, while only one shows bullishness.
Shiba Inu (SHIB) is currently down by 22.70% after dropping from its $0.00000914 high over the last 7 days. So far, the memecoin shows no indications of a potential bullish trigger.
Since news of FTX's crash hit the market, Shiba Inu has declined in price.
Investors are now selling the token en masse despite 75% of them being at a loss. These investors bailing on the market have failed to create a significant asset price shift. And so far, Shiba Inu HODLers have lost about $510 million over the last month.
The $0.00000914 resistance level now serves as an important resistance point for Shiba Inu and maybe one that is hard to break. However, if SHIB continues to rise and eventually breaks through this level, $0.0000104 and $0.00001160 are the next two resistance levels to be aware of.
The price of SHIB is currently testing the $0.000009 zone. If it fails to cross over, the price of the memecoin may fall lower to the $0.00000826 support. And if the $0.00000838 zone fails again, the $0.00000771 level would be the next support to watch.
Despite the grim outlook on SHIB, via a tweet, the meme coins management team has announced an exclusive deal with the hotel and flight booking platform, Travala.
According to the announcement, users of SHIB and Travala will get $25 in credits for subscribing to the platform.
XcelTrip, another travel platform, also added support for Shiba Inu for payments.
https://twitter.com/xceltrip/status/1529330910427983872?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1529330910427983872%7Ctwgr%5Ea06acf0ea3afbc1429f4c4f52322d28ce5504874%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fu.today%2Fshib-can-now-be-used-to-pay-
At the same time, long-term optimism concerning SHIB's potential remains strong, as seen by the network's ability to draw in new holders. So far, SHIB has gained almost 50,000 new shareholders in less than a month despite its bearish price action.
Shiba Inu has been known for continuous development activity and constant movement, regardless of what the charts say. The memecoin's technicals may seem shaky, but the fundamentals appear strong overall.
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