Shiba Inu (SHIB) on Verge of Testing Crucial Resistance Level

Arman Shirinyan

Shiba Inu is going through a lot right now, but current price level can bring back some stability


  • PEPE going down
  • Litecoin’s hype is over

Shiba Inu (SHIB), the meme cryptocurrency that took the world by storm, is currently at a critical juncture. As of the latest data, SHIB is trading at $0.00000804, and it is on the verge of testing a crucial resistance level that could determine its short-term future.

The current price level of SHIB is significant as it represents a key resistance point that has acted as both support and resistance in the past. A detailed analysis of the price chart reveals that this level has been tested multiple times, and a decisive move above or below it could signal the next trend direction for SHIB.

Shiba Inu
Source: TradingView

If SHIB manages to break above this resistance level with strong volume, it could trigger a new bullish wave. Traders and investors might interpret this as a sign of strength, leading to increased buying pressure. The next resistance levels to watch would be the recent highs.

On the other hand, if SHIB fails to break above this level and gets rejected, it could lead to a further decline. The selling pressure might intensify, pushing the price down to the next support levels. This scenario could be a warning sign for those holding SHIB, as it might indicate a continuation of the bearish trend.

Another possibility is that SHIB continues to trade around this resistance level without a clear break in either direction. This could lead to a period of consolidation, where the price moves sideways as market participants await further signals.

PEPE going down

PEPE, a cryptocurrency that has been gaining attention on the market, is facing a significant challenge. Recently, the PEPE multisig address moved 16 trillion tokens to another address, which then deposited half of it on a centralized exchange. This move is likely an attempt to sell all of it, and the market has reacted negatively.

As of the latest data, PEPE’s price has dropped to $0.000000874, a decline of more than 7%. This sudden nosedive has raised concerns among investors and traders, leading to questions about the future of the token.

The decision by the developers to cash out such a significant amount of tokens is alarming. It may indicate a lack of confidence in the project’s future or a simple profit-taking strategy. Either way, the move has shaken the trust of the community and could have long-term repercussions.

The crucial question now is whether PEPE can recover from this setback. The token’s price is at a critical juncture, and further decline could trigger a more substantial sell-off. Investors and traders will be closely watching the market’s reaction in the coming days to gauge the potential for recovery.

Litecoin’s hype is over

The digital silver of the cryptocurrency market, Litecoin (LTC), has been through a turbulent ride in the past month. The price performance of Litecoin has raised questions about its future and whether the hype surrounding it has finally come to an end.

Analyzing the price data for the past month, Litecoin started at $92.78 on July 17, 2023, and experienced some fluctuations, reaching a high of $94.57 on July 30, 2023. However, the price took a nosedive on Aug. 16, 2023, plummeting to $74.30, marking a significant drop.

On July 17, LTC traded at $92.78, reaching a monthly high on July 30, $94.57. Aug. 16 was highlighted as the day of a massive drop to $74.30.

Litecoin’s halving event, where the mining reward is cut in half, has historically been a catalyst for price pumps. However, the recent halving pump did not last long and brought nothing but pain to the majority of buyers. The excitement quickly faded, and the price began to decline, reflecting a lack of sustained interest and support.

The sudden drop on Aug. 16 is a cause for concern, and multiple indicators suggest that the hype around Litecoin may indeed be over. The failure to maintain momentum post-halving and the sharp decline in price raise questions about Litecoin’s ability to recover.

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