Shiba Inu (SHIB) kicked off the year aggressively as it rallied alongside other meme coins. However, as the year progresses, Shiba Inu has experienced a downward trend leaving investors wondering: should they hold or sell?
Shiba Inu coin’s value on Coingecko is currently at $0.00001027, experiencing a decrease of 3.4% over the last seven days and a more significant slump of 7.8% over the past two weeks.
The question on every investor’s mind now is: what move should they make next with the meme coin?
Key Levels To Watch For Shiba Inu
For traders and investors who want to get a clear grasp of SHIB’s price trajectory, it’s important to remember that there are two key levels to consider: the support level and the resistance level. The support level is currently set at $0.0000095.
Alternately, the resistance level, which is now at $0.00001 at the time of writing, signifies the price at which sellers are expected to enter the market and sell their SHIB holdings, hence exerting downward pressure on the price of the meme coin.
The price of SHIB may signify a negative signal and cause traders to sell if it breaks through the support level. On the other hand, if the price rises over the $0.00001 resistance level, it can be a bullish indicator that buyers are flooding the market and pushing the price higher.
As such, keeping a close eye on these key levels can help traders make informed decisions when buying or selling SHIB.
SHIB’s Growing Community, Shibarium Dev’t Could Make It A Good Buy
Shiba Inu could be an attractive buy this month because of several reasons. For one, its community is rapidly expanding with many supporters believing in the project’s long-term potential.
Additionally, the Shiba Inu team has been diligently working on a decentralized ecosystem that includes a non-fungible token (NFT) platform, a decentralized exchange, to mention a few.
The Shiba Inu community’s enthusiasm for Shibarium has been apparent in recent posts on the Telegram group “Shibarium Tech.”
SHIB total market cap at $5.8 billion on the daily chart at TradingView.com
While there have been attempts to obtain information about the latest developments from Shytoshi Kusama, individuals have not heard anything as of April 27 despite Kusama’s promise of “big news before May.”
Kusama responded to the community’s eagerness for Shibarium updates by highlighting the transparency of all activities related to Shibarium, including token transfers.
He also emphasized the team’s dedication to making progress and stated that they are working diligently towards their goals.
According to Kusama, the team is currently in “go mode” and focused on achieving their objectives rather than just hanging out.
Positive updates about Shibarium could have a positive impact on the meme token’s price during the month of May.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
-Featured image from NorCal Shiba