- SHIB RSI nears oversold, signaling potential short-term bounce.
- Price meets resistance at $0.00001250 on 4-hour chart.
- Developer conflict adds uncertainty to SHIB’s recovery outlook.
Shiba Inu’s ecosystem is facing renewed tension following accusations of favoritism by a major decentralized exchange. WoofSwap voiced concerns over what it calls selective project endorsements, citing the team’s backing of Positions Exchange.
Both Kusama and Dhairya endorsed the project during its IDO phase, prompting criticism from developers who felt sidelined. WoofSwap claimed this behavior undermines fair opportunity and damages trust within the Shibarium community.
Kaal Dhairya addressed the criticism, admitting that biases exist within the ecosystem. He emphasized the need to shift governance to a decentralized model.
According to Dhairya, “lack of unity and personal agendas” are slowing down the ecosystem’s growth. He called for DAO-led governance and transparent procedures to ensure all developers receive equal visibility.
SHIB 1D Chart: Support Levels Under Pressure
SHIB/USDT trades at $0.00001230, posting a 0.82% gain for the day. Price action on the daily chart reveals a steady decline from mid-July highs near $0.00001600. The pair is now hovering above key support at $0.00001200.
Technical indicators show mixed signals. The Relative Strength Index (RSI) stands at 40.87, nearing oversold territory. The yellow RSI signal line remains higher at 48.19, reflecting persistent bearish pressure.
Analysts note that a bullish RSI crossover could signal the start of a rebound, but the broader trend remains downward. If current support breaks, SHIB could extend losses toward the $0.00001150 zone.
SHIB 4H Chart: Momentum Shows Signs of Recovery
The 4-hour SHIB/USDT chart records a price of $0.00001228, down 0.49% on the day. After dropping from the mid-July high of $0.00001550, SHIB found short-term support at $0.00001150. It is now attempting a modest rebound.
RSI has recovered from an oversold level of 37.86 to 45.99, suggesting fading bearish momentum. Volume remains moderate at 95.23 billion, indicating stable participation.
However, immediate resistance lies near $0.00001250. Without strong buying pressure, any short-term recovery may face obstacles at this level. Price action will likely depend on whether bulls can break above this resistance zone.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
