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Shiba Inu – How to Make Sense of Conflicting Signals After Memecoin’s Price Drop?
The recent price drop in Shiba Inu (SHIB) has left investors and traders alike scrambling to make sense of the conflicting signals. As the token continues to plummet, it’s essential to separate fact from fiction and provide guidance on how to navigate this uncertain market.
Despite expectations of a price bounce towards the $0.000014-level or higher, SHIB bulls have failed to push past the $0.0000125-level, indicating a significant lack of conviction among traders. This short-term resistance has become a barrier for any potential upward momentum, casting doubt on previous predictions of a reversal.
Furthermore, the OBV (On Balance Volume) indicator has been stagnant over the past week, failing to exhibit either bearish or bullish dominance. This neutral stance further reinforces the notion that SHIB’s price will continue its downward trend in the near term.
Source: https://ambcrypto.com/shiba-inu-how-to-make-sense-of-conflicting-signals-after-memecoins-price-drop/
