The Shiba Inu (SHIB) finds itself in a tight spot as it continues to struggle under a significant level of resistance. Despite the optimistic expectation of a strong change, the lack of trading volume acts as an obstacle, dampening the prospects for an upward development.
While SHIB enthusiasts anxiously await a potential reversal, the resistance level poses a formidable challenge, highlighting the need for more market participation to encourage a successful climb.
Amidst the obstacles of resistance and doubtful market conditions, the question arises: Can Shiba Inu resist the odds and make a decent recovery?
Shiba Inu Struggles To Break Resistance As Bearish Sentiment Prevails
Since May 6, it’s SHIB locked below a crucial resistance level at $0.00000980, creating a stagnant trading environment. Surprisingly, the sellers were unable to boost prices, while the bulls failed to mount a significant rally.
Compared to the gains made by cryptocurrency market leaders like Ethereum and Bitcoin over the same time period, Shiba Inu is down more than 40% from its February high.
As of the latest update, SHIB token is currently worth $0.00000855 via CoinGecko, highlighting its status as a micro-investment opportunity. Unfortunately, in the past 24 hours, SHIB has experienced a modest decline of 2.8%, raising concerns about its short-term prospects. This downtrend continued for a week, resulting in a 2.2% overall decline.
However, there are signs that the bearish dominance may lose its grip as the price approaches an important support level at $0.00000807. This presents a potential opportunity for the bulls to come back and regain control of market sentiment.
Investors and traders are eagerly watching 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 strong change in the Shiba Inu token depends on one important factor: increased trading volume. Without a significant surge in trading activity, SHIB has struggled to gain the momentum needed for a radical change.
Traders and investors are eagerly awaiting an increase in volume as it could signal a change in market sentiment, potentially pushing 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 facing SHIB’s rapidly changing aspirations is the growing trend of market speculators targeting newer meme-based tokens.
Memes have become a prominent theme within the cryptocurrency space, with tokens such as Pepe (PEPE) and Floki Inu (FLOKI) gaining considerable attention and attracting a significant portion of market participants.
the attract these alternative meme tokens diverted attention and investment away from SHIB, making it difficult for the token to gather the necessary support and volume to begin a rapid rise.
While the current market conditions present challenges, SHIB enthusiasts remain optimistic for a surge in volume and renewed investor interest that could ignite an anticipated rally.
-Featured image from Shibainu.berry Instagram/BuzzFeed
