NOIDA (CoinChapter.com)— Shiba Inu, the Ethereum of the memecoin universe, continues to face bearish strain following the market crash initially of Aug. 2024.
Although the memecoin tried to recuperate, bearish market sentiment negated any upside makes an attempt by the SHIB USD pair. Now, a Shiba Inu-related social media account has warned customers towards scams on Telegram.
The Shiba Inu neighborhood has been alerted to a surge in rip-off actions on Telegram, the place pretend airdrop teams have turn into more and more prevalent. These teams, disguised as reputable alternatives, entice customers with the promise of free tokens in alternate for easy duties.
Nonetheless, the second contributors join their wallets, they danger dropping their total crypto holdings to malicious actors.
The latest warning from Shibarmy Rip-off Alerts underscores the rising risk posed by these fraudulent schemes. The channel particularly highlighted a Telegram group named “K9 Finance DAO News,” which falsely claimed to supply $2,000 price of KNINE tokens to customers who ahead a selected submit.
Regardless of the group’s seemingly massive following, its true intent is to empty contributors’ funds.
Furthermore, the state of affairs displays a broader development throughout the crypto house, the place scammers exploit the recognition of platforms like Telegram to prey on unsuspecting customers.
As extra individuals search out new alternatives following the Notcoin airdrop, the chance of falling sufferer to those schemes has escalated.
SHIB Faces Bearish Dangers From Technical Setup
In the meantime, the Shiba Inu token has shaped a bearish technical sample known as the ‘bear flag.‘
The bear flag sample seems on a cryptocurrency price chart when a quick, sharp countertrend motion—sometimes called the flag—follows a previous downward development. The formation usually indicators a possible reversal of the countertrend.
In a bearish continuation setup, quantity ranges might stabilize or lower throughout consolidation. In the course of the consolidation interval of a bear flag setup, the market usually tendencies upward in response to the preliminary price drop, triggering FUD.
The emotional response usually leads to higher-than-average buying and selling volumes as traders and merchants re-enter the market to capitalize on or mitigate the price motion’s results.
Merchants calculate the bear flag sample’s price goal by subtracting the flagpole’s size from the breakout price degree. Because of this, the SHIB USD price may drop to $0.000009, a 34% drop from the present price degree.
The SHIB USD alternate price dropped almost 3% on Aug. 13 because the token did not rally above fast resistance close to $0.0000143. Since falling under this price degree on Aug. 3, SHIB costs have did not flip the fast resistance.
If the SHIB USD pair managed to interrupt above the fast resistance, the Shiba Inu token may rise to the resistance close to $0.000016 earlier than correcting.
Conversely, a downtrend from right here would probably see SHIB price check the assist ranges close to $0.0000122 and $0.0000111.
The RSI for SHIB remained impartial at 38.35, highlighting the shortage of bullish momentum within the token’s price motion.