Exploring Shiba Inu’s Recent Market Movements
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The Rising Trend of Shiba Inu Meme Coin
In recent times, the Shiba Inu meme coin has demonstrated remarkable performance, experiencing a surge of over 25% in July. This upward momentum has sparked anticipation of potentially revisiting its annual highs. Despite this positive outlook, not all analysts share the same level of optimism. Some experts remain skeptical about Shiba Inu’s potential for a sustained breakout, with at least one crypto analyst forecasting a significant downturn.
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Potential Downturn for Shiba Inu
According to an analysis on TradingView by a pseudonymous crypto analyst, Shiba Inu is currently navigating a crucial resistance zone. At the time of assessment, the coin was trading at $0.000014, eyeing the resistance threshold of $0.00001432. This resistance level is crucial and serves as a battleground where bears are launching their counteroffensives.
The analyst suggests that Shiba Inu’s proximity to this resistance level indicates a potential bearish trend. In this scenario, the price might face a temporary bounce back before descending to previous support levels. Based on the analyst’s charts, a price decline to $0.00001299 is anticipated, where stronger support exists for the meme coin. This analysis is based on a 2-hour timeframe, indicating a short-term bearish outlook.
Conversely, should Shiba Inu surpass the second resistance level, it could negate the analyst’s bearish predictions. A prevailing uptrend in the broader crypto market could propel Shiba Inu to achieve new highs on the 2-hour chart.
Muted Trading Volume for Shiba Inu
Amid discussions of a possible downturn, Shiba Inu’s trading volume has remained relatively subdued. While there was a slight uptick in July from June’s low levels, trading activity has declined as the month progressed. With an average daily trading volume of $180 million, it appears that interest among crypto traders has waned.
Similarly, Shiba Inu’s open interest has dipped below the $300 million mark once more. As investors explore newer meme coins with potentially higher returns, Shiba Inu’s price may remain stagnant for an extended period.
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