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Shiba Inu (SHIB), the popular meme cryptocurrency, has initiated another correction phase. It dropped below the crucial 26-day EMA and edged towards significant support levels. This downturn reflects a broader hesitance in the crypto market, with SHIB trading near $0.00002.
Shiba Inu Dips Below 26-Day EMA
Shiba Inu has entered another correction phase, falling below the 26-day EMA and approaching the next significant support level. This bearish signal has pushed SHIB to the next support level near $0.00002. The asset's recent fluctuations can be linked to the nearly nonexistent trading activity, which explains why its market value is stagnant, as per U.Today.
The little activity surrounding SHIB indicates that the token is not in high demand. This lack of interest continues the market's downward trend and falling risk demand.
The industry is also recovering from missed expectations following Bitcoin's halving, which should have fueled positive enthusiasm. However, the predicted rally in key crypto assets has not materialized, prompting investors to take a risk-off strategy. As cryptocurrencies like Bitcoin struggle to regain their highs, altcoins like SHIB are also under pressure.
This recent price decline in SHIB's value may not be an isolated incident but rather part of a larger pattern in which risk appetite is low. The modest response from buyers following the halving indicates that market confidence is not as robust as predicted, prompting investors to avoid more speculative assets such as Shiba Inu.
Looking ahead, the goal for SHIB will be to sustain psychological and technical support at $0.00002. If it falls below this level, it may experience further declines as it hunts for fresh support. If SHIB consolidates or even rallies from here, it may rekindle interest among traders seeking further risk exposure. Holders should brace themselves for more volatility in SHIB and the market in general.
The popular joke cryptocurrency Shiba Inu (SHB) has topped this week's rankings announced by the famous brokerage site Robinhood. The popular joke coin is up 11% in the last week, beating other major coins offered on the marketplace.
Litecoin (LTC) comes in second, with an 8% price increase. Chainlink (LINK) is also in the top three, up 6.1%. Aave (AAVE) and Ethereum Classic (ETC) have risen to the top five, with gains of 4.8% and 3.5% over the last week, respectively.
CardTezos (XTZ), Uniswap (UNI), Ethereum (ETH), Stellar (XLM), and Compound (COMP) are also among the top ten.
Future Outlook: SHIB's Support at $0.00002
According to U.Today, the second-largest meme cryptocurrency is now available to New York residents through the Robinhood platform. New York is especially recognized for its rigorous rules, and the BitLicense licensing scheme makes it difficult for businesses to operate in the state.
Shiba Inu first became available to Robinhood users in early 2022, following an aggressive campaign by the meme coin's community to get the token listed on the popular trading site.
Last month, global asset management firm Bernstein forecast that Robinhood's stock would gain from a "monster" bitcoin rally in 2024. The firm also anticipated that the cryptocurrency market capitalization would reach a stunning $7.5 trillion this year.
SHIB is presently trading at $0.00002535, with a market size of over $15 billion. However, the token is still down more than 70.6% from its all-time high, set in October 2021.
Photo: Microsoft Bing
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