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Cryptocurrencies: 12,866
Markets: 940
Marketcap: $ 2.05 T(0.79%)
24h Vol: $ 87.19 B
BTC Dominance: 48.87%

Shiba Inu Price Drops as Crypto Markets Remain Volatile

Key Takeaways

Shiba Inu (SHIB) price has decreased by 4.5% to $0.000009051 amid volatility in the broader crypto market.

Market Performance

The wider crypto market has experienced a 1% loss in the past 24 hours. Meanwhile, SHIB’s value has dropped by 12.5% over the past week and by 15% over the past fortnight. These losses indicate SHIB has underperformed other major tokens over the past year, increasing by only 7%.

Technical Indicators

Shiba Inu’s 30-day average is trending towards its 200-day average, signaling slowing momentum. SHIB’s Relative Strength Index (RSI) is struggling to rise above 40, indicating a bearish trend. Its 24-hour trading volume has decreased to $200 million from over $800 million in December.

Key Support and Resistance

SHIB broke through the $0.00000950 support level, raising concerns about further potential losses.

SEC Decisions and Market Impact

Impending SEC decisions on Bitcoin ETFs could impact the broader market and SHIB’s price. Positive decisions may spur a rally while negative decisions could trigger further downturns, disproportionately affecting SHIB.

Developers are working on projects like Shibarium and a metaverse that could increase SHIB’s value in 2024. SHIB price might reach $0.000020 early next year.

The new Sponge token surged 150% upon listing. A game in development promises rewards for players. Sponge V2 offers an improved staking model.

Disclaimer: The content above is provided for informational purposes…

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