Is Shiba Inu’s Rally a Dead Cat Bounce, or the Start of a Recovery?
The post Is Shiba Inu’s Rally a Dead Cat Bounce, or the Start of a Recovery? appeared on BitcoinEthereumNews.com.
Shiba Inu’s price shows signs of recovery, up 4% in 24 hours. Trading volume has declined, suggesting decreased investor interest. SHIB faces resistance at $0.000021, a key level for further gains. Shiba Inu (SHIB), the popular meme coin, has shown signs of recovery after a prolonged period of downward pressure, posting a 4% gain in the last 24 hours and holding above a crucial support level of $0.000018 after weeks of downward pressure. Despite the recent price uptick, Shiba Inu’s 24-hour trading volume has dropped by 25.61% to $449,091,898. This decline in trading volume indicates that investor interest may be tapering off slightly. SHIB Price Movement Shiba Inu has maneuvered through a volatile trading environment characterized by swift price swings. According to TradingView, Shiba Inu experienced a short-lived rebound of around the $0.00003 level at the end of last month. However, it faced substantial resistance, resulting in the continuation of the downward trajectory that started from the $0.000045 mark in late Q2. SHIB/USD 1-Day Chart (Source: Tradingview) In yesterday’s recovery, Shiba Inu’s price bounced back from a low of $0.000017, a dip that came after three months of bearish trends. This recovery marks an important phase as it stabilizes the coin above the $0.000018 support level, a threshold that previously facilitated a brief recovery in April. SHIB’s Future Projections Presently, Shiba Inu is targeting the $0.000021 resistance level. Overcoming this barrier could set the stage for further gains, aiming for higher levels, such as $0.000022, corresponding to the weekly opening price. Such a move could signal a new wave of buying activity in shorter time frames, possibly reigniting bullish sentiment among investors. However, the overall market conditions remain uncertain. Shiba Inu continues to exhibit a pattern of lower lows and lower highs on the hourly charts, suggesting that the bearish…
Filed under: News - @ June 20, 2024 3:22 am