Key Points:Shiba Inu’s recent market performance has caused alarm among owners of the well known meme token, as the likelihood of a significant reverse has been increasing almost daily.
SHIB’s value has increased by almost 10% in the past six days after it bounced off the 200-day moving mean, which could be used as a support level.
On various exchanges, Shiba Inu trading pairs reported a volume increase of more than 500%. This is significantly higher than the usual. SHIB could not surpass the trend line despite such a large volume increase.
Shiba Inu’s recent market performance has caused alarm among owners of the well known meme token, as the likelihood of a significant reverse has been increasing almost daily. However, the most recent market activity indicates that the conflict continues. It is evident that Shiba Inu’s most recent breakout attempt was failed since the token did not receive adequate investor buying support and retraced without having a chance to break through the barrier level.Source: TradingViewFortunately, the token didn’t completely lose support. It entered consolidation at the resistance line and moved for a considerable time in a sideways direction. This might have been a key element that would have allowed it to cool down and attempt to reach higher levels than the aforementioned resistance level. SHIB’s value has increased by almost 10% in the past six days after it bounced off the 200-day moving mean, which could be a support level for well-known coin. It’s not clear if bulls will be able to raise enough funds to support the dog-themed token. The last time that SHIB saw a spike in volume, the Shiba Inu trading pairs reported a more than 500% increase over the normal. SHIB failed to cross the trend line despite such a large volume increase. Shiba Inu would only make it through in the event that there was a broad market rebound, supported by large amounts of leveraged holdings. Retails alone will not be able fund enough market movement, especially for assets such as SHIB, since institutional investors have not yet entered this market. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: Meme coinsSHIBShiba Inutrading pairs