SHIB Sinks as Middle East Tensions Escalate: Is the Meme Coin in Danger?
The second-largest meme token in the world by market value, Shiba Inu (SHIB), saw selling pressure in addition to declines in U.S. markets and the larger cryptocurrency market. CoinMarketCap, the data provider, reports that SHIB dropped 1.25% to 0.00001158, the level last seen on April 9.
President Donald Trump’s downplaying of suggestions that his administration was seeking a truce with Iran sparked the risk aversion. In addition, he demanded Iran’s full capitulation in the current conflict with Israel and threatened to kill Iran’s Supreme Leader, Ayatollah Ali Khamenei.
SHIB Price Dips After Rejection at Key Resistance: Is More Downside Ahead?
Following its rejection at the $0.00001230 resistance level on Monday, which enabled the sell-off with abnormally high trading volumes of over 1.2 billion tokens, SHIB has declined. Bears eventually pierced the support, which had momentarily appeared at roughly $0.00001167 early today, causing prices to decline.
SHIB Price Volatility Signals Broader Economic Uncertainty
Analysts of the cryptocurrency market point out that SHIB’s performance is indicative of larger market patterns, which are still impacted by trade tensions between major economies and global economic concerns. While traders keep a careful eye on important support and resistance levels for indications of directional movement, cryptocurrencies like SHIB experience greater volatility as traditional financial markets react to these tensions.
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