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Shiba Inu (SHIB) Makes Surprisingly Awful Move

Mon, 04/03/2023 - 17:00
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Arman Shirinyan
Shiba Inu shows unexpected performance following symmetrical triangle breakthrough
Shiba Inu (SHIB) Makes Surprisingly Awful Move
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Shiba Inu (SHIB) has recently experienced an unexpected downturn after failing to break through the local resistance level previously mentioned on U.Today. Instead of continuing its upward momentum, the token encountered a swift reversal from the local 200-day moving average, causing it to plummet by 8.8% in just two days.

This sudden reversal could raise concerns among investors, as it may suggest that the asset lacks the buying pressure necessary to sustain its upward trajectory. The inability to breach the local resistance and the subsequent sharp decline could indicate a bearish trend in the short term, potentially leading to further price depreciation.

Shiba Inu chart

Swift reversals, such as the one witnessed on Shiba Inu's recent price action, can often signify a change in market sentiment or a shift in investor confidence. In this case, the market may have turned more bearish on SHIB, prompting traders to sell off their holdings and take profits. This selling pressure may be the primary driver behind the token's abrupt drop in value.

Arbitrum is on fire, but for wrong reasons

Arbitrum, a Layer 2 scaling solution for Ethereum, is currently experiencing market pressure following the release of a controversial proposal that would permit the foundation to spend an additional 750 million tokens on their requirements. This proposal has sparked debates and raised concerns about the decentralized nature of the project, as a portion of these funds has already been utilized prior to the vote.

Arbitrum Foundation Addresses Recent Drama, ARB Price Dips 6%

The controversy surrounding the proposal has led to increased selling activities on the market, despite the foundation's efforts to address concerns. Investors and community members are questioning the transparency and governance practices of the project, as the proposal appears to concentrate power in the hands of the foundation.

This situation has highlighted the critical importance of decentralized governance and decision-making in blockchain projects. As more stakeholders become involved in a project, it is essential to ensure that decisions are made collectively and transparently to maintain trust and support from the community.

Arbitrum's controversial proposal has not only affected the project's market performance but has also cast doubt on its commitment to decentralization.

Solana is becoming anemic

Solana (SOL), a high-performance blockchain platform, appears to be entering another stagnation period following a significant decrease in trading volume on the market. This drop in volume has led to a more subdued price performance, raising concerns among investors and traders.

Since the FTX implosion, Solana has faced challenging times on the market as its primary driver vanished. This unfortunate event has left the project struggling to maintain its momentum, with the network encountering several obstacles that have hindered its growth.

One of the primary issues facing Solana is its notorious downtimes and technical difficulties. The network has experienced multiple instances of outages, undermining its reputation as a reliable and scalable platform. These technical challenges not only impact the platform's users but also discourage new investors from entering the ecosystem.

Moreover, Solana is facing increasing competition from other blockchain platforms, particularly Ethereum, which offers similar functionality but with greater convenience.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.