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Shiba Inu Profitability Drops as SHIB Hits Two-Month Lows

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Shiba Inu’s profitability has taken a significant hit as the price of SHIB reaches its lowest point in two months. Currently trading at $0.00000799, SHIB has experienced a 1.92% decrease in the past 24 hours. This drop in price has resulted in a decrease in profit for Shiba Inu holders, with only 12% of them now in the money. The decline in SHIB’s price can be attributed to a double top formation near the $0.0000113 level, triggering a downward trend. However, there is potential for a bullish comeback if SHIB can challenge key resistance areas and retest the $0.000011 levels. Furthermore, the upcoming crossing of moving averages on the short-term charts may define the trend for Shiba Inu in the near future. Positive developments in the Shibarium and SHIB ecosystem, as well as general market trends, could also impact SHIB’s price movements in the days ahead.

Shiba Inu Profitability Drops

SHIB’s profitability has reached new lows as the price of the cryptocurrency hits two-month lows. In the last 24 hours, SHIB was down 1.92%, trading at $0.00000799. This price level was last seen in June of this year. According to IntoTheBlock data, the percentage of Shiba Inu holders in the money, or in gains, has dropped to 12%. At the beginning of the week, this percentage was around 16%, but it decreased as the SHIB price fell. Currently, 12% of Shiba Inu holders are in the money, 10% are at the money, and 78% are out of the money, according to IntoTheBlock data.

Shiba Inu Price Action

After reaching highs of $0.0000113 on August 12, the price of SHIB steadily declined. A double top formation near this level triggered a drop in price. SHIB is currently trading below its moving averages of 50 and 200, located at $0.00000849 and $0.00000968, respectively. To trend higher and confirm a retest of the $0.000011 levels, a bullish comeback might prompt SHIB to challenge these key resistance areas. A close above the moving average could be seen as the first sign of strength. Additionally, a key signal on SHIB’s short-term charts is about to be printed. The moving averages on its four-hour chart are set to cross, and the outcome of this golden cross or death cross will define the trend in the short term.

Bullish Comeback and Resistance Levels

There is a possibility that SHIB might challenge the moving averages as resistance in a bullish comeback. If this happens, a retest of the $0.000011 levels could be expected. Breaking above the moving average could be seen as a sign of strength and an indication of a potential uptrend. In this scenario, a close above the moving average would further confirm the bullish momentum.

Key Signal on Short-Term Charts

A key signal is about to be printed on SHIB’s short-term charts. The moving averages on the four-hour chart are set to cross, indicating a potential trend reversal or continuation. This cross, often referred to as the golden cross or death cross, is an important technical indicator that traders use to determine short-term trends. Depending on the outcome of this cross, traders and investors can make informed decisions about buying or selling SHIB.

Positive News about Shibarium and SHIB Ecosystem

Positive news about the Shibarium and SHIB ecosystem might serve as a catalyst for the price in the days ahead. According to the most recent update from Shiba Inu lead Shytoshi Kusama, Shibarium has been enhanced, optimized, and is almost ready to reopen to the public. This development could potentially boost investor confidence and generate increased interest in SHIB. As the ecosystem grows and improves, it can attract more users and investors and potentially contribute to the long-term success of SHIB.

Influence of General Market Trend on SHIB Price

The general market trend can have a significant impact on the price movements of SHIB. Cryptocurrencies, including SHIB, are often influenced by the overall sentiment and trends in the cryptocurrency market. Factors such as market volatility, regulatory developments, macroeconomic events, and investor sentiment can all contribute to price fluctuations. It is important for investors and traders to consider these factors when making price predictions and investment decisions.

Shiba Inu Official Shares Mistake with Shibarium

Shiba Inu official recently shared a mistake made with Shibarium. The details of this mistake and its implications for the SHIB ecosystem were addressed by Shiba Inu lead Shytoshi Kusama. This announcement highlights the importance of transparency and open communication within the SHIB community. Investors should stay informed about any updates or developments that may impact the SHIB ecosystem and its future prospects.

Polygon Whale Transactions Increase

The number of whale transactions on the Polygon network has increased by 49% as the recovery is underway. This increase in transactions indicates renewed activity and interest in the Polygon (MATIC) ecosystem. The impact of these transactions on the price of MATIC should be closely monitored by investors and traders. Increased whale transactions can potentially influence the supply and demand dynamics of MATIC, leading to changes in its price.

Billionaire Mark Cuban’s Fiery Reality Check to SEC

Billionaire Mark Cuban recently provided a fiery reality check to the SEC (Securities and Exchange Commission). He commented on the SEC’s actions and regulations in the cryptocurrency market. Cuban’s perspective and opinions carry weight in the industry, and his comments can contribute to the ongoing discussions surrounding regulatory frameworks for cryptocurrencies. The relevance of the SEC’s actions and regulations to the cryptocurrency market should be carefully analyzed by market participants.

Friend Tech Absorbs Tens of Millions of Dollars in Ethereum (ETH)

Friend Tech, a prominent company, has absorbed tens of millions of dollars in Ethereum (ETH). This investment can have implications for the ETH market and its price. Large investments from established companies can signal confidence in the future of Ethereum and attract further investment from other market participants. Investors and traders should closely monitor developments related to Friend Tech’s investment and its potential impact on the ETH market.

In conclusion, the profitability of Shiba Inu has dropped as the price reaches two-month lows. The price action indicates a decline after touching highs and a potential challenge to the moving averages as resistance. Key signals on short-term charts and positive news about the Shibarium and SHIB ecosystem could influence the price in the days ahead. The general market trend and the influence of billionaires like Mark Cuban should also be considered when predicting the price of SHIB. Additionally, developments related to the Shiba Inu official and Friend Tech’s investment in Ethereum can have implications for the SHIB ecosystem and the ETH market, respectively. Investors and traders should carefully analyze these factors to make informed decisions about SHIB and other cryptocurrencies.