Shiba Inu’s Value Could Rise if Key Support Levels Hold, says Cryptocurrency Analyst
Popular cryptocurrency analyst Micheal van de Poppe believes that Shiba Inu ($SHIB) has the potential to see a significant increase in value if it can maintain support at a key level. Van de Poppe shared his thoughts on Twitter, stating that SHIB could potentially reach $0.000013 per token, up from its current level of $0.0000096, as long as certain support levels are upheld. However, SHIB’s value has recently dropped by 5% and has remained relatively flat due to a wider sell-off in the cryptocurrency market.
Key points:
– Micheal van de Poppe believes SHIB’s value can rise if it stays above a key support level.
– SHIB could potentially trade at $0.000013 per token.
– SHIB’s value has dropped by 5% and remains relatively flat.
– Voyager Digital has been selling a significant amount of SHIB on Coinbase, adding selling pressure.
– Over 3.3 trillion SHIB tokens have been withdrawn from centralized exchanges in July, reducing the available supply.
Voyager Digital, a bankrupt cryptocurrency lender, has reportedly been offloading a substantial amount of SHIB, BTC, and ETH on Coinbase. This selling pressure on SHIB could potentially affect its value. In addition, a large-scale withdrawal of 3.3 trillion SHIB tokens from centralized exchanges in July has reduced the available supply. These factors may contribute to the current state of SHIB’s price.
Hot Take
While Shiba Inu has the potential to increase in value if it maintains key support levels, its recent drop and the selling pressure from Voyager Digital’s offloading on Coinbase may hinder its growth. Additionally, the withdrawal of a significant amount of SHIB tokens from centralized exchanges reduces the available supply, which could impact its price. It remains to be seen how SHIB will navigate these challenges and whether it can reach the projected value mentioned by Micheal van de Poppe.
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