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Shiba Inu (SHIB) Set for 15% Breakthrough, But There's One Major Problem

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Fri, 24/11/2023 - 9:00
Shiba Inu (SHIB) Set for 15% Breakthrough, But There's One Major Problem
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Shiba Inu (SHIB) is currently positioned at the edge of a potential 15% price breakthrough on the SHIB/USDT chart. However, a closer look at the token's volume profiles and market behavior signals a major hurdle that could dampen the momentum needed for this leap.

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As technical indicators suggest, SHIB is at a crossroads. The token is eyeing a move above its 200-day Exponential Moving Average (EMA), a critical resistance level that, if breached, could validate the bullish trend. Traders and investors are closely monitoring this level, as a decisive close above it may signal the start of a sustained upward trajectory.

SHIBUSDT
SHIB/USDT Chart by TradingView

Yet, the descending volume profile casts a shadow over the scenario. Volume is a key driver in the validation of any price movement; it provides the necessary market participation and confidence. For SHIB, the declining volume indicates a lack of interest, or hesitation among traders to commit at current price levels. This reduction in trading activity could result in a false breakout or a return to lower support levels, making the anticipated 15% surge an uphill battle.

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Moreover, network fees associated with SHIB transactions remain low, hinting at subdued activity on the network. In vibrant market conditions, increased activity leads to higher network fees due to the demand for transaction processing.

The market's dynamics are clear: without volume, even the most technically poised setups are prone to fail. For SHIB to overcome its current impasse and achieve a 15% price increase, it would require a substantial influx of trading volume. This would not only validate the bullish sentiment but also propel the token past the 200 EMA, which is crucial for maintaining upward momentum.

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