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Shiba Inu Beat Ethereum? SHIB Shows Surprising Resilience Amid Market Dip

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Mon, 11/12/2023 - 11:24
Shiba Inu Beat Ethereum? SHIB Shows Surprising Resilience Amid Market Dip
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As the cryptocurrency market faced a significant downturn, the SHIB/USDT chart showcased a resilience that not many had expected. While Ethereum (ETH) experienced a notable decline, failing to maintain its upward momentum, SHIB managed to stay within an ascending channel, suggesting stronger relative bullish sentiment.

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The price chart for Shiba Inu reflects an asset that, despite market-wide corrections, has stuck to its ascending trajectory. This resilience is indicative of an unexpected support base and existing demand for SHIB, even during volatile market movements. On the other hand, Ethereum's chart tells a different story; the second-largest cryptocurrency by market cap broke below key support levels, indicating a less resilient price performance in the same period.

SHIBUSDT
SHIB/USDT Chart by TradingView

One reason for SHIB's surprising strength could be its recent history. Unlike Ethereum, which had been rallying to new highs, SHIB's rally was of a smaller magnitude, leading to less drastic corrections. With smaller gains, there was less ground to fall back on during the market pullback, allowing SHIB to maintain its composure and trend within its channel.

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The moderate rally of Shiba Inu meant that when the market tumbled, the meme coin did not have as far to drop. In contrast, Ethereum's significant rally set higher expectations and a stronger potential for profit-taking, which likely contributed to its steeper decline. This difference in precorrection performance allowed SHIB to demonstrate a notable divergence from Ethereum's price path.

In comparison to Ethereum's chart, which broke below its 50-day moving average — a bearish sign — SHIB's price is hovering above its own, maintaining bullish indications. This stark contrast in technical posture between the two cryptocurrencies underscores the current narrative: SHIB's market is showing signs of persistent buyer interest and could be positioned for a quicker recovery post-correction.

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