Fundamental Development:-
Shiba Inu (SHIB) Falls by 7% as Bitcoin Drops Back Below $22KShiba Inu’s (SHIB) price has fallen by more than 7% over the last 24 hours as Bitcoin (BTC) has once again dropped below $22K.Other altcoins like Ethereum (ETH) and Cardano (ADA) are also feeling the heat as they both fell by almost 5% over the last day, according to CoinMarketCap. In addition to this, the rest of the top 20 cryptocurrencies are in the red today.Developments for SHIB have been looking good as the meme coin was listed on the decentralized swap platform Reflex Swap. SHIB was also launched on the Bittrex exchange earlier in the month, which made it possible to trade SHIB against the U.S. dollar.SHIB last raised its head in the Philippines as it was listed on Coins.ph, a Philippines-based crypto exchange which is owned by the former Binance Chief Financial Officer, Wei Zhou.Unfortunately, these new listings had little to no effect on the price of the meme coin as SHIB is still down 86.94% from its all-time high. SHIB is also one of the cryptos that have been caught in the bearish downtrend.The ongoing burning of SHIB tokens has also reached a hurdle as there is some controversy surrounding the community-endorsed burn portal.On the bright side, SHIB’s new developments are leading to wider adoption of the meme coin around the world as SHIB is still one of the top 20 biggest cryptos.
Short Term Technical View: On monthly chart, BTCUSD is taking support from 17800-19800 level, which is major support area. now, consolidating within a range. On weekly chart, trading below 200 simple moving averages, which indicates that major trend, is negative but on short time frame BTCUSD showing positive strength. Right now, it is trading between a channel patterns. After taking resistance from24100-24200 level it declined and now trading near 21300 levels. On daily period, yesterday BTC made low 20700 and high was near $22,166 and then it continue to decline. Bitcoin is struggling to gain momentum above $21,300.
Alternative Scenario: If Bitcoin fails to clear the $29,800 resistance zone, it could start another decline. An immediate support on the downside is near the $28,000 level.