Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
The Price of Popular Meme-Inspired Cryptocurrency Shiba Inu (SHIB) has lost more than 17% over the past two days as one of the biggest “vampire attacks” on cryptocurrency market liquidity took place.
For SHIB, which is a fairly established asset with a market capitalization of over $12.5 billion, such a shake-up is painful, although it is a meme coin and therefore considered a volatile and risky play in the crypto market.
Related
Following this sell-off, the Shiba Inu token price moved away from the two key price levels of $0.000025 and $0.00002, finding strong support on the latter.
To put it in another perspective, the SHIB price hasn’t breached this crucial support since November and has in fact tested it multiple times over the past couple of months. Even after harsher and faster corrections in December, the Shiba Inu token price held steady at $0.00002, and this time is no exception.
Related
We may already be seeing a bullish hand at this level, as the meme token has rebounded 5% after hitting this low. This does not mean that rock bottom has been reached and there is nowhere to go but up.
Even the current rebound could be purely technical, since every major move is followed by a correction, that’s how markets work, and SHIB could return to $0.00002. The main point is that this price level provides a better basis for making a decision regarding the token, and as the price remains above this level, the bullish bias prevails.
Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.