Shiba Inu Is Not Prepared To Give Up, According To Technical Data

Key Points:

• Shiba Inu’s most recent market performance caused some alarm among owners of the well-known meme token because the likelihood of a significant reversal has been increasing virtually daily.
• After bouncing off the 200-day moving average, which could serve as a support level for the well-known coin, SHIB has increased in value by almost 10% over the past six days.
• Shiba Inu trading pairs on various exchanges reported a volume spike of more than 500% over the usual. Even with such a huge increase in volume, SHIB was unable to cross the trend line.

Shiba Inu’s most recent market performance caused some alarm among owners of the well-known meme token because the likelihood of a significant reversal has been increasing virtually daily.

The most recent market activity, however, indicates that the conflict is still ongoing. It is evident that Shiba Inu’s most recent breakout attempt was failed since the token did not receive adequate investor buying support and retraced without having a chance to break through the barrier level.

Fortunately, the token didn’t completely lose support. It entered consolidation around the resistance of the trend line and moved for a decent amount of time in a sideways trend, which might have been a crucial element that would have allowed the asset to cool off and attempt to reach levels above the aforementioned resistance level once more.

After bouncing off the 200-day moving average, which could serve as a support level for the well-known coin, SHIB has increased in value by almost 10% over the past six days. Sadly, it’s still unclear whether bulls will secure enough funding to raise the dog-themed token above the barrier.

The last time, Shiba Inu trading pairs on various exchanges reported a volume spike of more than 500% over the usual. Even with such a huge increase in volume, SHIB was unable to cross the trend line.

Shiba Inu would only break through in the event of a market-wide rebound supported by a significant quantity of leveraged holdings. Retails alone are not expected to be able to fund enough market movement, especially for assets like SHIB, given that institutional investors have not yet entered the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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