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Shiba Inu hits 7-month low, then jumps 9% – Is $0.000013 next?
The cryptocurrency market has been experiencing significant fluctuations over the past week, with Shiba Inu (SHIB) not being an exception to this trend. Just yesterday, SHIB hit a seven-month low of $0.000010, causing widespread panic among investors and speculators alike. However, in a stunning turn of events, the memecoin has staged a remarkable comeback, soaring by a whopping 9% in the past day.
This sudden reversal has raised more questions than answers, particularly regarding the future trajectory of SHIB’s price action. Is this merely a temporary blip or can we expect further gains from here? In order to provide some insight into these concerns, let us dive deeper into the recent market activity and explore what this price movement might imply for long-term investors.
Over the past day, SHIB has experienced a massive rally of 9.09%, which is nothing short of astonishing given its recent underperformance in the market. Prior to this surge, the memecoin had been experiencing a downtrend that saw it plummet by over 23% in the span of just one month.
However, as I write this article, SHIB is currently trading at $0.00001212 after having previously touched lows unseen since mid-July last year. This swift turnaround has led many to wonder whether the cryptocurrency’s price will continue its upward trajectory or simply retrace back to its pre-recovery levels.
To better understand the market dynamics, let us examine some key metrics that may shed light on the future prospects of SHIB’s price action.
Source: https://ambcrypto.com/shiba-inu-hits-7-month-low-then-jumps-9-is-0-000013-next/
