Technically, Friday’s bear flag breakdown on the daily sticks opened stairways to hell for SHIB buyers, as the price kept falling barring a brief aberration seen Tuesday.
The latest rebound in SHIB price could be seen as a good selling opportunity for those traders who have felt left out amid the recent collapse in the coin. In doing so, SHIB price has recaptured the $0.000010 mark, although remains exposed to further downside risks, as it extends the previous week’s downward spiral amidst a broad crypto market tumble. Shiba Inu price has paused its two-day sell-off just ahead of the $0.0000090, as sellers catch a breather after reaching the lowest level since October 2021. SHIB Bulls Breathing A Sigh Of Relief But For How Long? Let’s see how Shiba Inu, Terra’s LUNA and Ethereum are positioned on the technical graphs. The latest data from OKLink showed that collateral DeFi liquidations will account for $330 million should the ETH price surrender the $1,500 threshold. Meanwhile, a protracted Russia-Ukraine war, China’s covid lockdowns and increased odds of a recession in the UK further fuelled growth concerns.Īmid a broader market sell-off, some of the most-watched altcoins came under the bus, with Ethereum remaining at risk of losing the crucial $1,500 level. The bearish sentiment in the crypto market also seems accentuated by mounting concerns over global economic slowdown, in the face of the Fed’s tightening plan to combat the inflation monster. The stablecoin turmoil collaborated with the ongoing cryptocurrencies onslaught, smashing the flagship digital asset, Bitcoin, to test the $25,000 mark.
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