Market Analysis: Shiba Inu’s Current Performance and Potential Price Recovery Opportunities

Shiba Inu – Memecoin’s Lost Shinobi, Will Price Recover this Cycle?

In the midst of a tumultuous crypto market, one meme-based cryptocurrency stands out as an outlier amidst the chaos: Shiba Inu (SHIB). As the market grapples with its own set of challenges and trends, it is essential to examine the reasons behind SHIB’s downtrend.

The story of Shiba Inu begins in 2020 when the token was introduced on the Ethereum network as a low-cost entry point for retailers. The token experienced an explosive growth, increasing by over 85,784,180%, reaching an all-time high and challenging other crypto assets to become the top-10 meme-based tokens. This surge further fueled social media hype and volume across multiple platforms like X, YouTube, Reddit, Instagram, among others.

Despite the market’s negative sentiment towards SHIB due to its bearish price action, one expert believes that Shiba Inu could be interesting for investors and traders after months of accumulation below its current price point. The price breaking above its local resistance of 2D could lead to a new yearly high.

Additionally, if the price breaks through its key resistance of $0.000018 with strong volume, SHIBArmy could potentially target higher price points around $0.00004, provided that the coin breaks out of its market downtrend. Conversely, a failure to break this key resistance would see traders and investors play it safe at this point due to the low bullish price action.

As the crypto market intensifies, we can never write off SHIB, considering the volatility of meme-based cryptocurrencies like those experienced in 2021 and the potential for these assets to rally strongly if hype and volume are sufficient to push the price higher.

Source: usethebitcoin.com