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SHIB Price Prediction: Bear Market Doldrums Pose a Threat to SHIB Rally

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SHIB Price Prediction: Bear Market Doldrums Pose a Threat to SHIB Rally
SHIB Price Prediction: Bear Market Doldrums Pose a Threat to SHIB Rally

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Shiba Inu price bulls have pinned their hopes on $0.000007 support for a rebound beyond $0.00001.

Traders shift their attention to Calcium (CAL), a dummy test token launched by the network’s developers but not intended for investment purposes, as Shiba Inu (SHIB) hovers above a crucial support level at $0.000007.

Despite the 1.3% decline over the last seven days, the second most popular meme coin still seems to be in the midst of a bear market.

How does this level affect the price recovery of Shiba Inu?

A Shiba Inu price rally occurred before Shibarium, a Layer 2 scaling protocol, was launched, covering the psychological hurdle of $0.00001 to highs of $0.000011. It then lost steam when it reached $0.000011.

In place of continuing the rally after the launch in mid-August, declines were caused by scaling challenges faced by the new network. In the sell-off that followed, several support areas were ignored, resulting in a drop in Shiba Inu price to $0.000007.

When support at $0.000007 holds firmly, investors will gain more confidence that $0.00001 will rebound. SHIB’s current price of $0.00000728, and the fact that it has held above the lower ascending trendline (in the chart), may have significantly reduced the risk of further declines in search of a bear market bottom.

Source: tradingview

It suggests that a rebound is due based on the Moving Average Convergence Divergence (MACD) indicator. When combined with other trend indicators, traders place their buy orders when the blue MACD line crosses above the red signal line.

Bulls are in the ascendancy according to the Relative Strength Index (RSI). The climb to $0.00001 can only be achieved if traders rally behind SHIB to create momentum.

Shiba Inu longs should be considered cautiously because speed brakes may dampen the uptrend. It might complicate SHIB’s outlook at $0.00000751 because the 21-day Exponential Moving Average (EMA) (red) is at $0.00000751, while the 100-day EMA (blue) is at $0.00000817, and the 200-day EMA (purple) is at $0.00000886.

By closing the support provided by the lower ascending trendline, the key support at $0.000007 would be stressed more, thus increasing the risk of the downleg stretching for liquidity at a lower bear market bottom.

Dummy token jumps in popularity

Shiba Inu’s community is abuzz with discussions about a fake token created by the protocol’s developers for testing, after traders raised funds to resurrect it.

On Friday, developers issued Calcium (CAL), a dummy token meant to renounce Bone’s (BONE) token contract. After CAL launched on ShibaSwap, a decentralized exchange, a bot scooped 50% of the supply as planned.

Traders saw this as an opportunity to make quick money and purchased Calcium hoping to profit, but unfortunately, luck was not on their side. Investments were not intended with the token.

An offshoot

It appears that traders who lost money quickly created 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.

Uniswap’s situation differed, with trading volumes reaching $4 million and liquidity reaching $164,000, respectively.

Developers of Shiba Inu created a token, which they renounced and lost all control over.

Pre-sale of Stake-to-Earn Crypto BTCBSC hits $4.4M

A cryptocurrency industry phenomenon continues to make waves with the upcoming Bitcoin BSC presale. It has raised more than $4.4 million during the presale, and it will end once $6 million is raised.

Because the presale tokens are just a few weeks old, they will quickly sell out as buyers rush to purchase them at the old Bitcoin price of $0.99.

This version of Bitcoin runs on the BNB Smart Chain as a BEP-20 version. The staking smart contract pays rewards in line with the Bitcoin mining schedule, so the token is similar to Bitcoin.

With more than 2.2 million BTCBSC tokens staked, the Bitcoin BSC stake pool is gaining traction.

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