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shiba inus has been on a downward trend over the past 24 hours. With the cryptocurrency market poised for what could be another correction, there are concerns that SHIB could go lower still.
Shiba Inu Course Evolution
Currently, Shiba Inu is trading at $0.0000109indicating a downtrend of 3.26% over the past 24 hours.
The decline in the asset’s price brought it below its main moving average (MA) indicators; over 10 days, the MM is at $0.000011. Similarly, SHIB’s Moving Average Convergence Divergence (DCMM) remains negative, meaning the asset is issuing a sell signal.
General market pressure is increasing
The decrease The substantial cryptocurrency market currently experiencing seems to be the biggest source of concern right now.
On Tuesday, the market saw some respite after the US Dollar Index lagged (DXY), which tracks the performance of the US dollar against a basket of other major currencies. The index fell below $114 at market open on Tuesday, bringing some relief as stocks and indices rose.
After two hours of negotiation, the S&P500 and the Nasdaq Composite Index were up 0.4% and 0.65%, respectively. And in the cryptocurrency market, bitcoin had reached $20,334. However, all of those gains eventually rolled back.
Today, the dollar index once again crossed the bar of $114and analysts believe it could see even higher highs.
With the dollar gaining strength, the cryptocurrency market has resumed a downward trajectory. Bitcoin is now trading at $18,700, and major altcoins experienced sharp declines in value. The SHIB was no exception.
Good news though
Nevertheless, all is not gloomy with shiba inus. The asset still exhibits several impressive developments, starting with the growing number of token burns.
Over 59 million tokens SHIB have been burned in the past 24 hours, an increase of 102% from the previous day. The Shiba Inu community is looking to make the asset more deflationary, which shows significant progress from the token.
unification xFund Also looking to launch Shibarium, a Tier 2 scaling solution for the Shiba Inu blockchain. Shibarium will allow developers to launch products on the blockchain, creating an ecosystem of apps and bringing Shiba Inu closer to platforms like Ethereum.
Are you looking to make a profit? Discover Tamadoge
With the cryptocurrency market down again, investors may consider opportunities in the cryptocurrency market. cryptocurrencies.
Recently, crypto enthusiasts have been seduced by TAMA – the native token of the ecosystem tamadoge. Tamadoge is a blockchain game project that allows players to win fights with their digital pets and earn TAMA token rewards.
Yesterday, TAMA was launched on the OKX exchange and has generated $8.3 million in business so far since its debut. Although the price of the asset is down 11%, its impressive volumes show that investors remain very interested in this asset.
The full Tamadoge platform is expected to launch before the end of the year, with features such as an in-app market and the TamaVerse becoming accessible to users. They could constitute a strong argument in favor of a significant increase in the price of TAMA when they are launched.Buy TAMA on OKX CEX
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Shiba Inu Price Prediction – SHIB down 4.5%. How low can he go?
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