Shiba Inu Coin (SHIB) started the year aggressively alongside other meme coins. However, Shiba Inu has experienced a downward trend over the year, leaving investors wondering whether they should hold or sell.
At the time of writing, the value of Shiba Inu Coin on Coingecko was $0.00001027, having experienced a decline of 3.4% in the last seven days and a more significant plunge of 7.8% in the last two weeks. The question on the minds of many investors is, what should they do with the meme coin?
For traders and investors seeking a clear overview of the price movement of SHIB, it’s essential to remember that there are two significant levels to consider, the support level and the resistance level. The support level is currently at $0.0000095, while the resistance level is $0.00001.
Breaking the support level for SHIB could signal negativity and lead traders to sell, while surpassing the resistance mark of $0.00001 could signal a bullish indicator that buyers are flooding the market and driving prices up.
Thus, keeping these key levels in mind can assist traders in making informed decisions when buying or selling SHIB.
Shiba Inu could be an attractive purchase this month for various reasons. For one, the community is growing quickly, and many supporters believe in the project’s long-term potential. Additionally, the Shiba Inu team has been working diligently on a decentralized ecosystem, including a platform for non-fungible tokens (NFT), a decentralized exchange, among others.
The excitement of the Shiba Inu community towards Shibarium was evident in the recent posts in the Telegram group “Shibarium Tech.” While there have been attempts to obtain information on the latest developments from Shytoshi Kusama, individuals had not heard anything until April 27, despite Kusama’s promise of “big news before May.”
Kusama responded to the community’s eagerness for Shibarium updates by highlighting the transparency of all activities related to Shibarium, including token transfers. He also emphasized the team’s commitment to making progress, stating they are diligently working towards their goals.
According to Kusama, the team is currently in “go mode” and focusing on achieving their objectives, rather than just hanging around. Positive news about Shibarium could positively impact the price of the meme token in May.
The content of this website should not be construed as investment advice. Investing involves risk, and if you invest, your capital is at risk. Featured image by NorCal Shiba.
