Shiba Inu Struggles to Break Out
The post Shiba Inu Struggles to Break Out appeared on BitcoinEthereumNews.com. Shiba Inu has been in a relatively quiet phase for the past few months, showing a modest increase of 20% over the past week and 32% over the past month. While these growth numbers may seem underwhelming when compared to other tokens that have seen more than double their value, the coin’s performance is still something to keep an eye on. The overall market conditions have been subdued, making Shiba Inu’s recent uptick stand out slightly more. What’s interesting is the way Shiba Inu has handled its corrections. During the 2021 bull run, Shiba Inu saw a drastic 93% correction, a sharp pullback that left many wondering if the coin had peaked. However, this time around, the correction has been more moderate, with an 84% drop. This smaller pullback suggests that the token may not be done with its upward movement yet. While the market as a whole is still in a state of uncertainty—neither fully bullish nor bearish—Shiba Inu’s performance so far in 2024 may indicate that the coin is preparing for something bigger, whether it’s a breakout to the upside or continued consolidation before a more substantial move. Source – Jacob Crypto Bury on YouTube Shiba Inu Price Prediction Shiba Inu briefly tested the resistance level near the $0.000016 mark three separate times but was rejected each time. This area has proven to be a short-term ceiling for the coin. However, the analysis suggests that once Bitcoin successfully breaks past the $104,000–$105,000 resistance zone and enters price discovery, the resulting euphoria and capital rotation into altcoins—especially meme coins—could trigger a sharp rally. In such a scenario, Shiba Inu is expected to surge toward the $0.0000180 level, which aligns with its 200-day exponential moving average. The current market conditions, including rising investor sentiment and gains across other top meme…
The post Shiba Inu Struggles to Break Out appeared on BitcoinEthereumNews.com.
Shiba Inu has been in a relatively quiet phase for the past few months, showing a modest increase of 20% over the past week and 32% over the past month. While these growth numbers may seem underwhelming when compared to other tokens that have seen more than double their value, the coin’s performance is still something to keep an eye on. The overall market conditions have been subdued, making Shiba Inu’s recent uptick stand out slightly more. What’s interesting is the way Shiba Inu has handled its corrections. During the 2021 bull run, Shiba Inu saw a drastic 93% correction, a sharp pullback that left many wondering if the coin had peaked. However, this time around, the correction has been more moderate, with an 84% drop. This smaller pullback suggests that the token may not be done with its upward movement yet. While the market as a whole is still in a state of uncertainty—neither fully bullish nor bearish—Shiba Inu’s performance so far in 2024 may indicate that the coin is preparing for something bigger, whether it’s a breakout to the upside or continued consolidation before a more substantial move. Source – Jacob Crypto Bury on YouTube Shiba Inu Price Prediction Shiba Inu briefly tested the resistance level near the $0.000016 mark three separate times but was rejected each time. This area has proven to be a short-term ceiling for the coin. However, the analysis suggests that once Bitcoin successfully breaks past the $104,000–$105,000 resistance zone and enters price discovery, the resulting euphoria and capital rotation into altcoins—especially meme coins—could trigger a sharp rally. In such a scenario, Shiba Inu is expected to surge toward the $0.0000180 level, which aligns with its 200-day exponential moving average. The current market conditions, including rising investor sentiment and gains across other top meme…
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