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Shiba Inu (SHIB): Failed Recovery Causes More Volume Drop
Despite recent attempts to recover, Shiba Inu’s (SHIB) price has failed to break through the $0.00002230 barrier, leading to further volume contraction. As a result, investors are increasingly skeptical about SHIB’s ability to regain momentum and push towards the next resistance near $0.00002494.
The recent failure of SHIB to surge past the critical $0.00002230 level has led to a significant drop in trading volumes. This is an ominous sign for the cryptocurrency, as it suggests that investors are becoming increasingly bearish on its potential growth prospects. In fact, the volume contraction is particularly concerning given that the overall market appears to be expanding.
It’s worth noting that SHIB needs to reclaim the 100 EMA at $0.00002255 in order to regain bullish momentum and potentially challenge the aforementioned resistance level. However, as things currently stand, there is little reason to believe that this will happen anytime soon.
In light of recent developments, it seems unlikely that SHIB will find new investors willing to drive prices higher. Its performance has been underwhelming, making it challenging for the asset to stay relevant in the eyes of traders.
Source: u.today
