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Title: Shiba Inu (SHIB): This Is Not Recovery, Here’s Why
The recent recovery of Shiba Inu (SHIB) has sparked optimism among investors and enthusiasts. However, a closer examination of the current market trends suggests that this increase is not a sign of recovery, but rather a brief correction within an ongoing downward trend.
Firstly, it’s essential to consider the asset’s fundamental price dynamics. The SHIB/BTC pair has been trending downwards since early January, with no significant break above its key resistance level. Without a breach of this level, the asset remains susceptible to further declines. A fall below $0.00001200 could initiate another leg down for SHIB.
Furthermore, the Shiba Inu’s recent price action can be attributed to a brief upward correction within an ongoing downtrend. As long as the price remains below its trendline resistance, it is unlikely that the recovery has begun. Any upward movement should not be considered as the start of a new bullish phase but rather as a minor correction.
In conclusion, SHIB’s recent upswing should not be viewed as a sign of recovery or the beginning of an upward trend. The current market conditions suggest that another leg down is still possible if the key resistance level is not breached and the asset falls below $0.00001200.
Source: https://u.today/shiba-inu-shib-this-is-not-recovery-heres-why
