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- The token holders burned nearly $21 million meme-coins in 9 transactions.
- ORBN protocol enters the 2nd phase of presale.
- The project raises questions abouts it feasibility.
The SHIB market witnesses less participation as holders are deserting SHIB in droves and jumping leaps for high-utility projects like Orbean, which recently entered the 2nd phase of the presale. Due to the rising popularity of this project, many investors raise questions about the feasibility and profitability of the SHIB project and deem it almost dead. To support short-term price rallies, Shiba Inu takes support from various partnerships like the recent one with Travala, where holders can get $25 in Free Travel Credits on Travala. This may be a short-term mirage, but we all are well aware of the bigger picture.
The Monoscopic view
The price is forming a bearish falling parallel channel and aims to fall to $0.00000720. The short-living price rally recaptures the 20-EMA as it continues to form the pattern. The trading volume diminishes as the days go by, darkening the project’s future as investors lose interest.
The CMF indicator rises upwards as the price rises by about 4% but still remains below the 0 mark. It may start falling once it crosses the neutral bound. The MACD indicator collides and records a pinch of purchases respective to the slightest increment. The RSI indicator moves in the range of 30-40 and shows chances of rising to the 50-60 range before sloping down.
The microscopic view
The price falls as the pattern continues to form. The CMF indicator retraces to the lower levels, indicating the approaching downtrend. The MACD indicator tangles and records a green thread, as only a fistful of buyers are buying the meme token. The RSI indicator reaches the range closer to 60-level but faces down, indicating that it may soon fall back.
Conclusion
The market for SHIB appears dead, and the project is non-functional. Smart investors have already started with the farewell formalities and switching to better projects with brighter futures. SHIB is not only experiencing slow technological progress but has also come to blows to define where it fits into the market arrangement.
Technical levels
Support levels: $0.00000720 and $0.00000570
Resistance levels: $0.00001350 and $0.00001500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
