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Shiba Inu (SHIB) 23% Plunge in 10 Days: What’s Happening?
The cryptocurrency market is known for its volatility, and the recent performance of Shiba Inu (SHIB) has been no exception. The token has experienced a significant decline of approximately 23% over the past ten days, leaving investors wondering what’s behind this sudden downturn.
A closer look at the charts reveals that SHIB is struggling to regain momentum, with its price action being heavily influenced by market sentiment and investor psychology. As an asset that has gained popularity in recent years due to its unique community-driven approach and potential for growth, it’s essential to understand the current landscape and potential factors contributing to this decline.
To assess the situation, let’s analyze SHIB’s recent performance using technical indicators and chart patterns. According to Arman Shirinyan, a trader with over four years of experience in the crypto space, the 26 EMA (Exponential Moving Average) level must be reclaimed for a bullish scenario to emerge. This would indicate a change in momentum, which could potentially trigger a rebound.
However, it’s essential to acknowledge that SHIB is facing short-term difficulties, and investors should keep an eye on the 50 EMA support level. If buyers intervene and protect this line of defense, we might see the asset recover and retest higher resistance levels. This development would signal a change in momentum, potentially marking the beginning of a new bullish phase.
In light of these factors, it’s crucial for investors to remain vigilant and monitor market developments closely. SHIB has already experienced significant growth in recent years, and this latest decline may be an opportunity for those looking to enter or increase their positions in the token. As always, traders should carefully consider their options before making any investment decisions.
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Source: u.today
