Shiba Inu is showing worrying signs on the price charts as it appears to be preparing for a possible breakout. After experiencing a staggering loss of over 30% of its value in the SHIB/USDT chartThe meme cryptocurrency is approaching what some investors fear could be the beginning of a prolonged correction phase.
Shiba Inu is showing worrying signs on the price charts as it appears to be preparing for a possible breakout. After experiencing a staggering loss of over 30% of its value in the SHIB/USDT chartThe meme cryptocurrency is approaching what some investors fear could be the beginning of a prolonged correction phase.
SHIB’s rapid growth phase seems to have hit a snag, which is reflected in its recent price movements. The asset’s support levels are currently being vigorously tested, with previous “comfort zones” failing to provide the rebound strength seen in previous rallies.
SHIB trading volume has seen a notable decline, indicating declining interest or possibly a build-up of selling by investors looking to cut losses. Trading patterns suggest that bearish sentiment is taking hold and if this continues, SHIB could lose a significant portion of the gains it accumulated during its meteoric rise.
Looking ahead, SHIB’s immediate future depends on whether the asset can maintain its support levels. If the price falls to 50% of its recent high gains, this could signal the end of the rally and possibly trigger a bear market for SHIB.
On the bullish side of the spectrum, if SHIB manages to consolidate and maintain its current price, this could act as a springboard for future gains, particularly if overall market sentiment improves or if there is a resurgence of interest in meme coins.
In contrast, the bearish scenario involves a break below current support levels, which could exacerbate selling pressure and lead to further losses. Given the speculative nature of SHIB and the power of market sentiment to drive its value, a breakout could be imminent if the current trend persists.
