Shiba Inu Price Recovery
Shiba Inu bulls have staged a mild comeback after over a week-long sell-off. The price of Shiba Inu is currently $0.00000125, reflecting a 2.87% increase in the last 24 hours, according to CoinMarketCap data. Although there are signs of a rebound, the token is still entrenched in a death cross, raising doubts about this trend.
Breaking Shiba Inu Death Cross Formation
The Shiba Inu ecosystem is struggling to regain strength, with the current trading volume down 18.69% to $186,430,314.18. This decline indicates that market sentiment isn’t as bullish as hoped, despite the latest SHIB burn rate surging over 27,600%.
Even with the recent price increase, Shiba Inu remains within the death cross pattern established on February 20. A significant gap between the 50-day and 200-day moving averages shows that SHIB’s return to a bullish trend relies on sustained growth.
Current fluctuations in the broader market have other altcoins trading low, making Shiba Inu’s future prospects heavily reliant on its internal ecosystem. Increased community updates on SHIB’s utility may revive investor sentiment to support the token.
Key support is currently at $0.0000118, while the resistance level to watch is $0.000013.
SHIB and Meme Coin Ecosystem
Shiba Inu is not alone in its recent bearish trend, as most meme coins, including Dogecoin, have recorded similar downturns. Dogecoin is down over 15% in seven days and more than 33% in the past month.
Given this sector-wide bearish trend, coupled with internal upgrades and the push for greater ecosystem utility, Shiba Inu is seen as a promising candidate for a potential solo comeback despite ongoing price challenges.
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