Shiba Inu SHIB correcting after latest rally
Shiba Inu Blockchain has partnered with The Third Floor for its Metaverse project.
Cryptocurrencies are entering a consolidation zone
The past week has been good for crypto buyers as most coins returned in double digits. However, now is the time for a correction as investors take profits. Shiba Inu SHIB/USD is one of the tokens in the correction, and short-term investors should be cautious.
The Shiba Inu has seen little progress recently. On July 20, the network announced a partnership with The Third Floor. The partnership with American Visualization will provide blockchain support for its Metaverse project. The virtual world of Shiba Inu is already a closely watched event. However, Shiba Inu investors may be waiting for more than just partnerships. The launch of the Metaverse will be a game changer, but for now, SHIB investors are just guessing.
At the time of writing, SHIB/USD is down 4.58% in the past 24 hours. The drop means a lot for SHIB as the cryptocurrency enters a bearish market.
Shiba Inu forms bearish pin bar at resistance
Source – TradingView
Technically, SHIB is bearish. The MACD indicator is bullish, but this is not in line with technical levels. The coin seems to have overcome the $0.000012 resistance after breaking the resistance. It now appears that this was a false breakthrough. A bearish reversal led to the formation of a bear pin bar. We expect the price to continue sliding until the cryptocurrency finds support at $0.00001.
Shiba Inu coin is bearish as the correction occurs at a key resistance level. SHIB may continue to decline and find support at $0.00001. Investors should consider selling now for an opportunity to buy below the support level.
Shiba Inu’s post signals a bear market as correction progresses – what’s next? appeared first on CoinJournal.