Shiba Inu Struggles To Initiate A Breakout: Will It Defy Resistance And Rebound?

Christian Encila

1 year ago

3 mins read

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Shiba Inu (SHIB) found itself in a tight spot as it continued to struggle beneath a significant resistance level. Despite the hopeful anticipation of a bullish reversal, the lack of trading volume acted as a hindrance, dampening the prospects for an upward breakthrough.

As SHIB enthusiasts anxiously awaited a potential turnaround, the resistance level posed a formidable challenge, emphasizing the need for increased market participation to fuel a successful climb.

Amidst the hurdles of resistance and wavering market conditions, the question arises: Will Shiba Inu defy the odds and make a decent recovery?

Shiba Inu Struggles To Break Resistance As Bearish Sentiment Prevails

Since May 6, SHIB has been locked below the crucial resistance level of $0.00000980, creating a stagnant trading environment. Surprisingly, sellers have been unable to drive prices any lower, while the bulls have failed to mount a significant rally.

When compared to the gains made by market leaders in cryptocurrency like Ethereum and Bitcoin during the same time period, Shiba Inu is down by more than 40% from its February high.

As of the latest update, the SHIB token is currently valued at a mere $0.00000855 via CoinGecko, highlighting its status as a micro-investment opportunity. Unfortunately, over the past 24 hours, SHIB has experienced a moderate decline of 2.8%, raising concerns about its short-term prospects. This downtrend has persisted for a week, resulting in a 2.2% overall decline.

Nevertheless, there are signs that the bearish dominance may be losing its grip as the price approaches a crucial support level at $0.00000807. This presents a potential opportunity for the bulls to stage a comeback and regain control over the market sentiment.

Investors and traders eagerly watch this key support level to gauge the next potential move for the Shiba Inu token.

Lack Of Volume: A Major Hurdle For SHIB’s Bullish Reversal

The potential for a bullish reversal in the Shiba Inu token hinges on one crucial factor: increased trading volume. Without a significant surge in trading activity, SHIB struggles to gain the momentum necessary for a bullish turnaround.

Traders and investors keenly await a boost in volume as it could potentially signal a shift in market sentiment, potentially propelling SHIB towards its near-term target of $0.00000980.

SHIB market cap at $5.2 billion. Chart: TradingView.com

Competing Meme Coins Stealing The Spotlight

Adding to the challenges faced by SHIB’s bullish reversal aspirations is the growing trend of market speculators gravitating toward newer meme-based tokens.

Memes have become a prominent theme within the cryptocurrency space, with tokens like Pepe (PEPE) and Floki Inu (FLOKI) gaining considerable attention and attracting a significant portion of market participants.

The allure of these alternative meme tokens diverts attention and investment away from SHIB, making it more difficult for the token to gather the necessary support and volume to initiate a bullish upswing.

While the current market conditions present challenges, SHIB enthusiasts remain hopeful for a surge in volume and renewed investor interest that could ignite a much-awaited rally.

-Featured image from Shibainu.berry Instagram/BuzzFeed

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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