Has Shiba Inu Price Hit A Wall Of Resistance? Why Investments In Dogecoin Killer Are Slumping Today

SHIBA INU SHIB/USD traded 0.15% lower at $0.000028 in the early hours of Wednesday.

What’s Moving? The self-described “Dogecoin DOGE/USD-killer” has declined 2.3% over a seven-day trailing period.

Against major cryptocurrencies like Bitcoin and Ethereum, SHIB fell 2.21% and 0.65%, respectively. 

SHIB has soared 334.09% in the last 30 days and traded 27.86% lower than the all-time high of $0.0000388 it reached in May.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB moved lower alongside DOGE, while major coins — BTC and ETH — appreciated at press time when the global cryptocurrency market capitalization rose 1.6% to $2.53 trillion.

SHIB was the fourth-most trending cryptocurrency on Twitter, as per Cointrendz data. It was mentioned in 2,970 tweets. 

The top two trending cryptocurrencies were Bitcoin and Solana, which were mentioned in 13,354 and 6,981 tweets, respectively. 

SHIB’s trading volume has fallen 61% over the past week, while at the same time the coin’s circulating supply has fallen 0.05% to 497.73 trillion. 

SHIB could test resistance at $0.000032 before any pullback, reported FX Empire. The second resistance level is at $0.0000314.

“Barring an extended crypto rally, the first major resistance level and Monday’s high $0.0000296 would likely cap the upside.”

Meanwhile, cryptocurrency exchange service ChangeNOW said it was launching a “flip DOGE for SHIB” challenge in support of the so-called SHIBArmy. 

To celebrate the integration of $LEASH, we're launching the FLIP DOGE FOR SHIB challenge in support of the #ShibArmy

Exchange your #DOGE to #SHIB — 3% of challenge profits will be donated to @Shibtoken team and burned for the shiblosophy https://t.co/LOWgM8OjxM pic.twitter.com/H42celHZbu

— ChangeNOW (@ChangeNOW_io) October 19, 2021

ChangeNOW said that 3% of the profits resulting from the challenge would be donated to the SHIBA INU project team and burned for the “shiblosophy.”

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