Shiba Inu is currently showing signs of a weak reversal, also known as a dead cat bounce. Unfortunately, as things develop, there is a good chance that the Shiba Inu will simply lose strength and retreat back down. One way or another, the state of the overall market will be a deciding factor.
Shiba Inu is currently showing signs of a weak reversal, also known as a dead cat bounce. Unfortunately, as things develop, there is a good chance that the Shiba Inu will simply lose strength and retreat back down. One way or another, the state of the overall market will be a deciding factor.
Over the past few trading sessions, SHIB has shown some upward momentum from its lows, but this trend lacks the strength we saw in previous strong rallies. The volume accompanying these price changes has been notably low, indicating a lack of substantial buying interest. This scenario is usually a red flag suggesting that the asset does not have enough support at the moment.
Examining the chart, SHIB is trading near the $0.00002264 mark, struggling to overcome the immediate resistance level of $0.00002384. This resistance level is crucial as it previously acted as support and resistance, making it an important price for the asset. If SHIB manages to sustain a break above this level, it could target the next resistance near $0.00002447.
However, the possibility of a further decline cannot be ignored. SHIB is showing signs that the lows around $0.00002175 might not hold if selling pressure picks up. Such a breakout could see SHIB test even lower supports, potentially around $0.00002000, a crucial level for the foreseeable future of the Shbia Inu.
The broader sentiment around Shiba Inu reflects the general risk currently prevailing in the market. Investors are cautious and shy away from assets considered risky, especially meme coins like SHIB. The overall market demand for such assets is almost non-existent.
