Shiba Inu (SHIB) found itself in a tight spot as it continued to struggle beneath a significant resistance level. Despite the hopeful anticipation of a bullish reversal, the lack of trading volume acted as a hindrance, dampening the prospects for an upward breakthrough.
As SHIB enthusiasts anxiously awaited a potential turnaround, the resistance level posed a formidable challenge, emphasizing the need for increased market participation to fuel a successful climb.
Amidst the hurdles of resistance and wavering market conditions, the question arises: Will Shiba Inu defy the odds and make a decent recovery?
Shiba Inu Struggles To Break Resistance As Bearish Sentiment Prevails
Since May 6, SHIB has been locked below the crucial resistance level of $0.00000980, creating a stagnant trading environment. Surprisingly, sellers have been unable to drive prices any lower, while the bulls have failed to mount a significant rally.
When compared to the gains made by market leaders in cryptocurrency like Ethereum and Bitcoin during the same time period, Shiba Inu is down by more than 40% from its February high.
As of the latest update, the SHIB token is currently valued at a mere $0.00000855 via CoinGecko, highlighting its status as a micro-investment opportunity. Unfortunately, over the past 24 hours, SHIB has experienced a moderate decline of 2.8%, raising concerns about its short-term prospects. This downtrend has persisted for a week, resulting in a 2.2% overall decline.
Nevertheless, there are signs that the bearish dominance may be losing its grip as the price approaches a crucial support level at $0.00000807. This presents a potential opportunity for the bulls to stage a comeback and regain control over the market sentiment.
Investors and traders eagerly watch this key support level to gauge the next potential move for the Shiba Inu token.
Lack Of Volume: A Major Hurdle For SHIB’s Bullish Reversal
The potential for a bullish reversal in the Shiba Inu token hinges on one crucial factor: increased trading volume. Without a significant surge in trading activity, SHIB struggles to gain the momentum necessary for a bullish turnaround.
Traders and investors keenly await a boost in volume as it could potentially signal a shift in market sentiment, potentially propelling SHIB towards its near-term target of $0.00000980.
SHIB market cap at $5.2 billion. Chart: TradingView.com
Competing Meme Coins Stealing The Spotlight
Adding to the challenges faced by SHIB’s bullish reversal aspirations is the growing trend of market speculators gravitating toward newer meme-based tokens.
Memes have become a prominent theme within the cryptocurrency space, with tokens like Pepe (PEPE) and Floki Inu (FLOKI) gaining considerable attention and attracting a significant portion of market participants.
The allure of these alternative meme tokens diverts attention and investment away from SHIB, making it more difficult for the token to gather the necessary support and volume to initiate a bullish upswing.
While the current market conditions present challenges, SHIB enthusiasts remain hopeful for a surge in volume and renewed investor interest that could ignite a much-awaited rally.
-Featured image from Shibainu.berry Instagram/BuzzFeed
Source: https://www.newsbtc.com/shiba-inu/shiba-inu-struggles-to-initiate-a-breakout/