Main navigation

Shiba Inu Returns to Bottom Again, What's Next?

Advertisement
Sun, 13/11/2022 - 10:00
Shiba Inu Returns to Bottom Again, What's Next?
Cover image via stock.adobe.com

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.

Read U.TODAY on
Google News

The prominent memecoin has returned to the bottom of 2022, negating all gains we saw back in October. The only acceptable scenario for the cryptocurrency right now would be a recovery and a bounce from the bottom. However, some metrics suggest it would be problematic.

Advertisement

According to the daily chart of the token, Shiba Inu fell below the lower border of the trading range, reaching closer to 2022's low of $0.00000793. The descending volume shows that SHIB might bounce with the traditional market opening on Monday.

Article image
Source: TradingView

The Relative Strength Index on the chart confirms the oversold state of the asset, making a bounce a possibility if fresh buying power occurs on the Shiba Inu market. However, the current state of the industry suggests that investors avoid any kind of risk exposure. Memecoins and tokens will most likely be the first victims of the suppressed sentiment on the market.

Most likely scenario

Considering the aforementioned factors, the most likely scenario for Shiba Inu would be a continuation of the movement in the rangebound. The existing conditions of the market suggest that there is no place for Shiba Inu in investors' portfolios, and the plunge on the market we see today is yet another confirmation of this thesis.

Related
 

On-chain data and a series of proof-of-reserves releases confirm that retail investors hold enormous volumes of Shiba Inu on centralized exchanges, which explains why the token is constantly having problems with gaining traction on the market.

Practically, almost every local rally on Shiba Inu is being suffocated before it starts as the selling pressure coming from retail investors immediately kills the momentum on the market, causing it to return to the start.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD