Shiba Inu (SHIB) Market Update: Analysis of Recent Price Movement and Future Predictions

SHIB Burns Skyrocket 319,571% — What’s Happening?

As the second-largest meme cryptocurrency by market capitalization size, Shiba Inu (SHIB) has recently been struggling to maintain its upward momentum. While SHIB has reacted to price dumps and surges of Bitcoin before, this time it appears that the correlation between them is lost so far.

After printing a more than 22% recovery last week, the SHIB price has been moving sideways in a slightly descending trajectory. Following a drop from the $0.00002978 level behind, SHIB has been striving to surpass the $0.00002822 resistance but has failed so far. With today’s minor 2% increase, the second biggest meme coin is trading at $0.00002738.

This sudden halt in momentum raises questions about whether SHIB is indeed disconnected from the Bitcoin price fluctuations or simply repositioning itself within its own market dynamics.

It’s worth noting that SHIB has recently been undergoing an incredible transformation period. The community-driven token, which has burned a staggering 319,571% of all SHIB tokens since the beginning of December, now faces a crucial test as it attempts to break through its current resistance level.

Despite this major correction, the sentiment in the crypto space remains uncertain and unpredictable. It’s essential for investors to be cautious when entering any trading decisions and consider diversifying their portfolios with other cryptocurrencies.

As always, U.Today will continue to monitor the situation closely and report on any developments that may impact SHIB’s trajectory.

Yuri Molchan

Source: u.today