Shiba Inu Continues on Bearish Row as SHIB Team Warns Public on Ongoing Scams

Updated:

The Shiba Inu (SHIB) team has cautioned the public to remain alert against ongoing online scams targeted at SHIB investors or enthusiasts.

The scam alert came from a tweet from the official Shiba Inu Twitter handle (@Shibtoken) yesterday, detailing various tactics used by these bad actors to dupe unsuspecting victims in the SHIB community. The tweet noted that:

“Stay Alert & Safe #ShibArmy!

We’ve been made aware of a recent scam, traveling social media, and other communication platforms.

Here’s a quick video to provide more information on the matter.”

The tweet further noted that: “A fake Shiba Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

The recent success of SHIB has attracted thousands of investors and traders, many of which hope to become crypto millionaires and billionaires. However, bad actors have taken advantage of this desire by many and target unsuspecting investors on social media platforms like Telegram and Twitter. One of the widespread methods used by scammers is to contact potential victims under a false identity, like impersonating official accounts or personnel.

That said, the scam alert clarified that the community currently offers no promotions of any kind, including airdrops, bonuses, giveaways, or gifts. The warning also stated that investors must refrain from sharing sensitive account information, like wallet keys, with anyone on the internet and joining or following fake social media accounts.

Key Shiba Inu Levels to Watch — November 22

Despite a decent bullish attempt last Friday, Shiba Inu continues to trade along my four-week-long descending trendline. However, Friday’s bullish attempt helped SHIB flip from below the trendline to the upper limit, thereby easing the bearish pressure from the trendline.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the twelfth-largest cryptocurrency currently trades on a slightly bullish sentiment on Monday morning amid a sharp reversal across the broader market. I expect to see a bullish swing first to the 50 SMA at $0.0000482, followed by a retest of the 0.0000500 psychological resistance. However, failure to post a decisive break above the former could restrict the price along my trendline, pushing SHIB closer to the $0.0000400 low.

Meanwhile, my resistance levels are $0.0000482, $0.0000500, and $0.0000550, and my support levels are $0.0000440, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.58 trillion

Shiba Inu Market Capitalization: $24.5 billion

Shiba Inu Dominance: 0.95%

Market Rank: #12

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.