Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB), the dog-themed meme coin, has posted a rebound in its price action after witnessing intense volatility in the past seven days. SHIB dipped to a low of $0.00001238 from a high of $0.00001512 within this time frame.
Can SHIB community’s support sustain rebound?
CoinMarketCap data indicates that SHIB is in recovery mode following its latest sell-off trajectory. Notably, Shiba Inu’s price momentarily breached the $0.0000125 support level at the start of the week, triggering market concerns.
Arman ShirinyanHowever, the meme coin has recovered and once more climbed above the crucial support level. The rebound was likely fueled by bullish sentiment among community members, who remain optimistic about the asset.
As of press time, the SHIB price was trading at $0.00001274, marking a 9.59% drop in the last 24 hours. However, the drop in trading volume has been very mild. SHIB’s trading volume experienced a slight 1.96% decline to $462.12 million, proof of sustained bullish sentiment.
Despite SHIB’s price fluctuations, this almost insignificant trading volume slip has led analysts to speculate on a possible shift. They opine that this rebound could signal a move for the dog-themed meme coin to begin retracing its path upward.
The SHIB whale that suffered a $100,000 loss after depositing 174.6 billion SHIB on Coinbase may have bet on this kind of rebound. However, the whale timed their position for SHIB to pick up on a price increase, a now-known wrong move.
SHIB technical indicators signal consolidation
Despite Shiba Inu’s continued price volatility, many investors remain optimistic about its future outlook. These market participants strongly believe that SHIB is in a consolidation phase and anticipate a huge rebound once the massive sell-off ends.
Investors would need to monitor SHIB’s technical indicators, such as the 50-day and 200-day moving averages, to see what the token's future holds. With a Death Cross currently underway, a Golden Cross reset is feasible.
The meme coin’s ability to overcome bearish pressure could provide the key to ending the sell-off and embarking on a price recovery.
Dan Burgin
Vladislav Sopov