Shiba Inu Dips to Two-Month Low Following Trump's Threats Against Iran's Leader
The cryptocurrency SHIB dropped by 3.5%, correlating with declines across the broader crypto market and instability in U.S. stocks.
Key Updates
- Shiba Inu (SHIB) recorded a 3.5% drop amidst a downturn in the wider cryptocurrency market and fluctuations in U.S. stocks.
- Trading volumes surpassed 1.2 billion tokens as SHIB struggled to breach the $0.00001230 resistance.
- Analysts attribute SHIB’s market movement to global economic factors and ongoing trade conflicts affecting cryptocurrency volatility.
Shiba Inu (SHIB), a major player in the meme token arena, faced challenges alongside a weakened cryptocurrency market and U.S. stock declines. The token’s price fell to $0.00001134, reflecting levels last seen on April 9. Meanwhile, Bitcoin, the premier cryptocurrency, decreased by nearly 3% to $103,800.
Recent comments from President Donald Trump dismissing peace negotiations with Iran and advocating for the unconditional surrender of Iranian forces in ongoing hostilities have intensified market risks.
“Trump downplayed Iran’s peace talks and threatened the Supreme Leader, adding to a cautious trading climate.”
Translation: Trump ignored the possibility of negotiation with Iran and threatened the Supreme Leader, increasing market caution.
SHIB’s recent slip This comes after a failure to overcome the $0.00001230 resistance level. Although some support was seen around $0.00001167, this was eventually overtaken by selling pressure. Market observers note that SHIB’s trends align closely with broader cryptocurrency patterns, which are heavily swayed by global economics and trade disputes among key nations.
Important Insights (Monday-Tuesday)
- $0.0000123 resistance level faced significant rejection between 20:00-21:00 hours.
- A sharp sell-off occurred, witnessing volumes reaching 1.23B and 1.31B between 22:00-00:00.
- Noteworthy support appeared around $0.00001167, coinciding with heightened buying interest.
- Market trends indicate that selling pressure might be diminishing as the price consolidates around $0.00001176 - $0.00001182.
In this volatile climate, prices and trading volumes warrant close monitoring as traders assess key support and resistance levels.
