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Shiba Inu (SHIB) is in the spotlight at the moment as stakeholders are exploring to see whether or not it will beat its next major resistance price level. At the time of writing, Shiba Inu is worth $0.00000724 on spot exchanges after recording a mild loss of 0.84% in the past 24 hours, per CoinMarketCap data.
Tomiwabold OlajideThe mild drop is exhibiting somewhat of a subtle deceit to those observing the Shiba Inu growth trend as it symbolizes much more than meets the eye. Mild as the drop in growth momentum may be, it accounts for an extension of the drawdown in the price of SHIB, which has been attempting to break free from the psychologically important resistance point at the $0.0000084 level.
The renowned meme coin has traded below this price point for more than three weeks as a confluence of bull and bear activity has dragged the digital currency down across the board. The current outlook underscores the stark reality that Shiba Inu is now hitting another roadblock to stunt its growth in the near term.
Per its current outlook, the coin is down by over 31% in the past month, trending in the opposite direction from other top altcoins like Toncoin (TON).
Obvious SHIB bullish play
Shiba Inu has the right ecosystem intrigue to uplift its outlook, but the drag is more the influence from the broader market. Drawing on current realities, Shiba Inu is poised to keep focusing on its Shibarium development and utility push.
By fighting for more innovations that can stir the adoption of new solutions within the Shibarium ecosystem, a demand for SHIB might be generated that will undoubtedly impact the price of the digital currency in the mid- to long term. In the interim, the visible play is to redirect focus on the burn rate and the obvious benefit to the protocol.
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.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov