Shiba Inu Faces Downward Pressure After Failing to Break Resistance Levels

Author : Andrew Stauss | Published On : 08 May 2024

If SHIB fails to hold the $0.0000237 support level, it may decline toward $0.000021, with further downside potential to $0.00002. A breach below these levels could signal further bearish momentum.

Additionally, the Fibonacci retracement tool highlights a “double roadblock” around $0.0000270, presenting resistance to SHIB’s recovery. Overcoming this level is crucial for SHIB to flip the market structure to bullish and aim for an immediate target of $0.000031. Conversely, a rejection could lead to a drop back to $0.0000225.

Despite this, SHIB’s underlying blockchain, Shibarium, recently implemented a hard fork, improving transaction speeds significantly. Moreover, cryptic hints from the project’s lead developer, Shytoshi Kusama, suggest potential upcoming announcements, creating further intrigue within the SHIB community.