Shiba Inu (SHIB) has been facing difficulties in the crypto market since its launch in August 2020. The past few weeks have been particularly challenging for SHIB holders, as the coin struggles to break past its crucial resistance level of $0.000008, known as the “Death Line”. The term was coined by SHIB enthusiasts to describe the critical resistance level, which the coin has been unable to surpass since early May.
SHIB traders and holders are closely watching the coin’s movements to see if it can overcome the dreaded resistance level and reach an all-time high. However, SHIB has been grappling with market pressure in recent weeks, with its price on CoinGecko hovering at $0.00000878 and experiencing a stagnant 24-hour change of 0.8%. Over the past seven days, SHIB has seen a 1.9% decrease in value, struggling to break free from the grips of the recent slump.
Despite reaching a significant support level of around $0.000008, SHIB’s price is under considerable pressure from the market. If the token fails to maintain its position above the support line, a significant price correction could ensue. Currently, SHIB has a market cap of $5.27 billion, according to TradingView.com.
The Shiba Inu token’s trajectory and the wider crypto market are influenced by several factors, one of which is market sentiment. The emotions, opinions, and attitudes of investors can significantly impact the demand and value of cryptocurrencies. Positive sentiment can drive prices upwards, while negative sentiment can trigger sell-offs and result in a bearish market.
Technical analysis indicates the possibility of a downturn in the crypto market. However, it is important to acknowledge the ever-present volatility that characterizes this realm. Although the Death Line has caused considerable anxiety among SHIB holders and traders, it remains to be seen whether the coin can finally overcome this hurdle and push towards a new all-time high.