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Shiba Inu (SHIB) Adds Zero to Price as Token Drops Below Key Support

Mon, 05/01/2023 - 13:37
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Tomiwabold Olajide
Shiba Inu (SHIB) slipped to trade below its key support level
Shiba Inu (SHIB) Adds Zero to Price as Token Drops Below Key Support
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Shiba Inu lost the key $0.000010 level, which bulls guarded ferociously on May 1, as the SHIB price fell to the $0.0000099 mark. Shiba Inu's price, in the process, added an extra zero as SHIB fell to lows of $0.00000991.

At the time of writing, SHIB was down 2.42% in the last 24 hours at $0.00000998. Meanwhile, Shiba Inu's trading volume was up 88%, with $119,392,240 worth of trades in the last 24 hours.

SHIB/USD Daily Chart, Courtesy: TradingView

The crypto market became jittery as it awaited the aftermath of the First Republic Bank turmoil.

In the latest round of U.S. banking problems, First Republic Bank is at the center. In an urgent government-led intervention, JPMorgan won the bid to buy the bank after private rescue measures failed to close a hole in the ailing lender's balance sheet and customers withdrew their savings.

Shiba Inu Issues Exciting Reminder to SHIB Community: Details

Shiba Inu slipped to trade below its key daily moving averages of 50 and 200 in late April. While the price continues to trade below this point, SHIB holders can closely watch for a sustained breakout above these key barriers for the SHIB price to trend higher.

On the other hand, bulls continue to guard SHIB's price to prevent a fall below the $0.0000099 level, wherein SHIB might target the $0.0000096 level next.

Shiba Inu burned 3.26 billion SHIB in April

In a remarkable achievement, 3.26 billion (3,269,676,832) SHIB were burned in 125 transactions in the past month of April.

Shiba Inu has also seen growth in its Twitter community, as the official SHIB Twitter account surpassed 3.7 million followers.

On the other hand, the price action was not so favorable to SHIB in the past month. Shiba Inu closed April down 6.83%, marking its second month of declines since February.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.