Significant Downslide in Shiba Inu (SHIB) Value: Will All Advances Vanish?
Hey there! Let's dive into the world of crypto, specifically the popular meme coin, Shiba Inu (SHIB). The recent bull run has faced a sudden rejection with more than a 3% drop on the daily candle, raising some concerns.
The SHIB's rally seems questionable as it failed to break through the crucial resistance zones around $0.00001450 and beyond. Its recent surge might have been fueled by the robust spike in Bitcoin and recovery of large-cap altcoins, but the lack of internal drivers is becoming apparent now that the market enthusiasm has subsided.
The current price action paints a clear picture: SHIB has not been able to capitalize on the favorable market conditions. The worry grows that SHIB's movement has been largely riding the coattails of the larger crypto market momentum.
On the brighter side, SHIB has formed a double bottom pattern on its chart (a bullish reversal indicator), and there has been a surge in whale transactions (96% according to some sources), suggesting potential accumulation by large holders. Additionally, SHIB has reclaimed its 50-day exponential moving average, reinforcing short-term bullish momentum.
To confirm a bullish continuation, any recovery needs to be accompanied by significant buying pressure and a clear push through the resistance zones mentioned above. Watch out for the crucial $0.00001251 level, as a drop below it could lead to a decline back to the $0.00001130 support.
But remember, folks, this is crypto and anything can happen! Always do your own research before investing and keep an eye on those critical levels.
[1] Source: Santiment[2] Source: CoinMarketCap[3] Source: BlockchainCenter[4] Source: The Doge Whale[5] Source: NewsBTC
- The decline in Shiba Inu's (SHIB) value could be due to its failure to break through the resistance zones around $0.00001450 and beyond, suggesting a questionable rally that might have been fueled by the recovery of large-cap altcoins and Bitcoin.
- SHIB's price action indicates that it has not been able to capitalize on the favorable market conditions, with concerns arising that its movement has been largely dependent on the larger crypto market momentum.
- On the positive side, SHIB has formed a double bottom pattern on its chart, a bullish reversal indicator, and there has been a surge in whale transactions, suggesting potential accumulation by large holders.
- To confirm a bullish continuation, SHIB needs a recovery accompanied by significant buying pressure and a clear push through the resistance zones, with the crucial $0.00001251 level being a potential target for any drops, which could lead to a decline back to the $0.00001130 support.
- Despite these cautions, it's essential to remember the volatility inherent in the crypto market and always do thorough research before investing, keeping watch on those critical levels.
