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Shiba Inu (SHIB) Correction Starts Again: What's Next?

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Mon, 29/04/2024 - 8:38
Shiba Inu (SHIB) Correction Starts Again: What's Next?
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Shiba Inu has once again entered a correction phase, dipping below the 26-day EMA and moving toward the next major support level. This bearish signal has pushed SHIB toward its next support level near $0.00002. The asset's recent movements can be significantly attributed to the almost nonexistent trading volume, explaining the current stagnancy in its market value.

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The subdued activity surrounding SHIB reflects that the token is not in high demand at the moment. This lack of interest is a continuation of a recent downtrend on the market and plummeting risk demand.

SHIBUSDT
SHIB/USDT Chart by TradingView

The industry is still reeling from unmet expectations post-Bitcoin halving, a period that should have sparked bullish sentiment. However, the anticipated rally across major crypto assets has not materialized, leading to a risk-off approach among investors. As cryptocurrencies like Bitcoin struggle to regain their highs, altcoins, including SHIB, are also feeling the pressure.

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This recent price correction in SHIB's value may not be an isolated event but a segment of an extensive trend where risk appetite is low. The muted response from buyers post-halving suggests that confidence in the market is not as strong as expected, causing many to steer clear of more speculative assets like Shiba Inu.

Looking ahead, the key for SHIB will be whether it can maintain psychological and technical support around $0.00002. If it breaks below this level, it could lead to further declines as it searches for new support. If SHIB manages to stabilize or even rally from this point, it could renew interest among traders looking for an additional risk exposure. Holders need to brace themselves for more volatility with SHIB and the market in general.

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