As SHIB continues to dip, the “Shiba Inu to the Moon” sentiment seems to have come crashing down. Investors’ interest has waned as a result of the negative price action. It’s now time to determine whether the bubble has finally burst or is it just a consequence of the broader crypto market’s meltdown.
SHIB is currently trading at $0.00000567 down by 16% in the last 24 hours. This is a far cry from its ATH when its market cap was $13B last month, before the crypto market crisis toppled the rallies of most coins.
Shiba Inu price got some boost earlier this week when it was announced that its developers are aiming to build a new decentralized exchange (DEX) aiming to increase liquidity and trading volumes. Officially, the DEX is still being tested, but there is a buzz on social media that it is fully working and will be launched soon.
Will Coinbase Consider listing Shiba Inu?
The main catalyst that could pump prices now is the petition to list Shib Inu on Coinbase. Lately, the petition has gained immense traction. It is now the top signed petitions on change.org with 35000 signs.
There is a definite possibility of Coinbase listing SHIB considering its listing of Doge in the past. Shib’s predecessor DOGE price gained great support after the listing. Will SHIB follow Doge’s growth trajectory is to be looked out for.
SHIB Price to Plunge further
The moving averages, as well as the Momentum and MACD, all hint at a negative bias on the H4 chart of SHIB/USDT. The next level of interest is the $0.0000061 support level, which, if broken, might intensify the downturn even further.
If sentiment changes, SHIB will need to return to the hinge at $0.0.00000890 for confirmation of a trend reversal for the uptrend to resume.