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Shiba Inu (SHIB) Failed To Bounce, Here’s What Comes Next

Shiba Inu (SHIB) Failed To Bounce, Here’s What Comes Next

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Arman Shirinyan

Shiba Inu bouncing becomes even more unrealistic after the latest glitch

Content

  • What next?
  • Bouncing conditions

As we have mentioned in one of our recent Shiba Inu articles, the meme token is likely to face serious problems in the market if its value falls below the important support level that has acted as a guideline for the asset price in recent months. .

What next?

Unfortunately, the bulls were unable to hold SHIB above the aforementioned level, which is why we saw a slight spike in selling volume on September 16. A breakdown below the support level will be another factor against a quick recovery of any expected token. back in August.

SHIB diagram
Source: TradingView

On August 15, Shiba Inu suddenly surged over 40%, bringing the token’s profitability back over 50% and attracting serious retail investors. However, large Shiba Inu holders saw the current rally as hollow and immediately injected a large amount of tokens into the market, causing an almost immediate reversal back below the $0.000013 threshold.

The only scenario we can see now is a gradual move down as a result of the unfavorable conditions in the cryptocurrency market and the sentiment surrounding the meme token in general.

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Bouncing conditions

We’ve mentioned before how the Shiba Inu grew thoroughly, acquiring numerous uses and becoming something more than a speculative meme. Unfortunately, the unhealthy redistribution of funds among investors will always be a massive obstacle to a proper turnaround.

The only scenario where Shiba Inu would start moving back to the ATH price range we reached in October 2021 would be a general recovery in the cryptocurrency market and a return of very high demand for risky and volatile assets such as SHIB, DOGE, BabyDoge and others.

Source: https://u.today/shiba-inu-shib-failed-to-bounce-heres-what-comes-next

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