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The Shiba Inu (SHIB) has been on a tumultuous journey in the cryptocurrency market since its inception in August 2020. However, the past few weeks have been especially busy for SHIB holders as the coin has struggled to overcome a critical resistance level. known as the “Line of Death”.
This ominous term was coined by SHIB enthusiasts to refer to the critical resistance level at $0.000008. This level has been a significant hurdle to overcome the coin-meme since the beginning of May, and she has made several attempts to overcome it, but has been rejected each time.
This level of resistance has caused significant anxiety among SHIB holders and traders, who are now closely monitoring the movement of the coin to see if it can finally overcome the feared line and move towards a new all-time high.
Shiba Inu faces market pressure over ‘death line’ fears
The Shiba Inu has been struggling with market pressure in recent weeks, with its CoinGecko price hovering at a meager $0.00000878 and experiencing a stagnant 0.8% 24-hour change. Over the past seven days, the value of SHIB has fallen by 1.9%, trying to break out of the grip of the recent decline.
Source: Koingeko
The SHIB token is facing significant challenges as the existence of a “death line” looms ominously over its future. The term refers to the critical resistance level at $0.000008 that the token has failed to overcome despite repeated attempts. Failure to overcome this barrier could potentially send the price of the token down to $0.000007, which would be a major setback for SHIB and its holders.
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Shiba Inu’s (SHIB) ‘Death Line’ Might Cause True Horror on Market https://t.co/xXo8RIXBRC pic.twitter.com/qPgwLqt1Ba— CryptoverseEu (@Cryptoverse_Eu) May 16, 2023
Source: Trading View
In addition, despite reaching a solid support level around $0.000008, the price of SHIB is under significant market pressure. If the token fails to hold above the support line, a significant price correction could occur.
SHIB currently has a market capitalization of $5.27 billion. Chart: TradingView.com
Potential recession analysis
Several factors influence the trajectory of the Shiba Inu token and the wider crypto market. Market sentiment, for example, plays a significant role. The emotions, opinions and attitudes of investors can greatly influence the demand and value of cryptocurrencies.
Positive sentiment can fuel bullishness and push prices higher, while negative sentiment can trigger selloffs and lead to a bear market.
Technical analysis points to the possibility of a downturn in the cryptocurrency market, but it is imperative to recognize the constant volatility that characterizes this area. Despite the signs, it’s important to recognize that nothing is final in this unpredictable landscape.
– Featured image from iStock
