SHIB at Crossroads as Price Reaches Pivotal Level

Image Credit

Shiba Inu finds itself at a crossroads as it faces headwinds from strong resistance and a broader market correction with a declining network activity. Until recently, the token had benefited from a high burn rate and a surge in network activity, which contributed to its improved market performance. However, as these factors start to worn, the future trajectory of Shiba Inu hangs in the balance and the bulls seems weak in moving the price further up.

The token's inability to finalize a breakthrough above the 200-day exponential moving average (EMA) has left investors uncertain about its next move. Shiba Inu now stands at a crucial juncture, where it could either establish support above this critical resistance level or succumb to downward pressure, potentially ending its month long local uptrend.

The high burn rate and robust network activity previously played a significant role in bolstering Shiba Inu's performance on the market. As more tokens were removed from circulation, the supply and demand dynamics shifted in favor of the cryptocurrency, leading to price appreciation. However, with the recent dip in network activity, the token's burn rate has also been negatively affected, consequently impacting its market position.

Despite these challenges, it is essential to note that Shiba Inu has demonstrated remarkable resilience and adaptability in the past. The community-driven project has expanded its scope beyond being a mere meme token, delving into the realms of decentralized finance (DeFi) and non-fungible tokens (NFTs).

For Newbies still finding their ways around HIVE you would suggest you join Airhawk-project community for support, you will need to learn more about hive-engine and how to use it to maximize your earnings on the hive Blockchain.

What is Hive-Engine?
Hive-Engine is a smart contract platform on top of the Hive blockchain. It allows communities and businesses to build their own tokens, which are then built on top of the technology provided by Hive. This is the ultimate layer 2 solution. The token created on Hive-Engine is then immediately tradable with Hive on hive engine exchange.

What is Hive.vote
Hive.vote comes with the automation world of hive with Bot, HiveVote comes with amazing features which you can use to schedule posts, build a fanbase, follow a curation trail, and even automate claiming your payouts.

Click Here to Join this Community curation Trail @Airhawk-project for awesome curation reward

Buy and stake some AIRHAWK on TRIBALDEX hive engine exchange to get upvote from the community curation account.
JOIN AIRHAWK-PROJECT ON TELEGRAM Here

Thanks for stopping by my post, will be sharing another content soon.

Posted Using LeoFinance ^Beta