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Shiba Inu (SHIB) 23% Plunge in 10 Days: What’s Happening?
In recent days, the cryptocurrency market has been experiencing significant fluctuations, with many assets showing substantial losses. Unfortunately, Shiba Inu (SHIB), a popular meme coin, is not immune to this trend. Over the past 10 days, SHIB has plummeted by an alarming 23%, leaving investors wondering what’s behind this drastic drop.
According to Arman Shirinyan, a trader and crypto enthusiast with extensive experience, the recent price action of Shiba Inu can be attributed to various factors. Firstly, the cryptocurrency market is currently experiencing a bearish trend due to increased fears about interest rate hikes by major central banks, such as the Federal Reserve in the United States.
However, Shirinyan believes that there are also some fundamental issues at play that have contributed to SHIB’s decline. He notes that the asset has been struggling with short-term difficulties and is in desperate need of a bullish reversal to retest higher resistance levels.
In order for SHIB to recover, buyers must intervene and protect the 50 EMA level, which serves as crucial support. If this level holds, it could be an indication that the asset is ready to buck its current downward trend and potentially make a comeback.
Unfortunately, the path ahead for SHIB looks uncertain, with some analysts predicting further losses if the bearish momentum continues unchecked. Nevertheless, Arman Shirinyan emphasizes that a bullish scenario can unfold if the cryptocurrency reclaims its 26 EMA level at around $0.00002730.
Above this level, the possibility of a push toward $0.00002850 and eventually $0.00003000 cannot be ruled out entirely.
Source: u.today
