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Sell SHIB on Binance: A Critical Analysis

The cryptocurrency market is known for its volatility, and recent events have sent shockwaves through the industry. The price of BNB (Binance Coin) has been declining rapidly, potentially reaching significant support at $183.5 if it fails to gain buying pressure above $200. As of writing, BNB trades at $206, having declined by over 2% in the last 24 hours.

The bears are currently in control, defending an immediate decline and maintaining their grip below the EMA20 trend line. This suggests that they may attempt to transform the $220-$225 region into a strong resistance level. However, if the price surpasses the 20-day EMA, it could send the price surging towards $0.00000883 and then $0.00001043.

On the flip side, if the price rises from its current position, it may indicate that buyers are attracted to the lower rates. This level might bring some consolidation to the meme coin, SHIB (Shiba Inu). However, if the price falls below $0.0000076, it could plummet towards the next substantial support zone at $0.0000068-$0.000007.

Recent events have contributed to the market's turmoil. Binance's halt on withdrawals and deposits in Europe, as well as news about Binance offloading Bitcoin to support BNB's price, have stirred the market and resulted in minor sell-offs. Additionally, SHIB's value has dropped by 10% due to a market crash, which may lead to another price drop.

The launch of Shibarium, a new platform from Shiba Inu, has been delayed by over eleven hours, causing millions of dollars to be trapped on a bridge – a mechanism that moves tokens between various networks. This has raised concerns about potential sell-offs affecting the prices of SHIB and BNB.

Binance Coin is also facing challenges due to Binance's regulatory issues and significant liquidations on the Venus protocol. While Shiba Inu creates excitement with the introduction of Shibarium, it also faces challenges. The coin and its rival, BNB, have been in the spotlight recently due to their latest developments.

In conclusion, the cryptocurrency market is experiencing a period of intense volatility, and SHIB and BNB are no exception. Investors should be cautious when making investment decisions, as the prices of these coins could fluctuate rapidly in response to changing market conditions.

Sell shib binance