Shiba Inu Eyes Recovery After Recent Correction

Major digital assets like Shiba Inu have shifted into bearish territory lately following a downswing in the general crypto market within the week. However, with several positive trends cited around its price, the dog-themed meme coin could be poised for a potential rebound in the coming days.

Market Driven Sentiment

With sentiment around meme coins gradually rising in the sector, Shiba Inu might experience a wave of new and old investors who are closely watching for possible rallies.

Expert Analysis

Market expert Fiatleak on the X (formerly Twitter) platform has reported that Shiba Inu’s price action is presently demonstrating early signs of recovery, suggesting a potential upsurge in the near term. The analyst claims that SHIB is hinting at a rebound as bullish momentum begins to develop in the market after a period of downward movement, with renewed buying interest emerging from both retail and institutional investors.

Resistance Levels to Watch

As a result, the expert has pointed out multiple key resistance levels for investors to watch for during the rebound. According to Fiatleak, the first major resistance is located at the 200 Simple Moving Average (SMA) of $0.00001891. Should Shiba Inu break over this significant resistance barrier, it may move further toward the 50 SMA of $0.00002288, signaling a robust recovery from its recent lows.

Support and Community Sentiment

Fiatleak highlighted that Shiba Inu’s price is still being supported in the face of market volatility by the rising demand from retail investors. Also, its ever-vibrant and sizeable community, known as the SHIBArmy, continues to be a major influence on SHIB’s price performance.

Cumulative Factors Contributing to SHIB’s Price Action

The expert claims that any encouraging comments or information from the community may contribute to the meme coin’s upward movement in the coming days. Another factor cited by Fiatleak that could help maintain SHIB’s current rally is the recent increase in trading volume, which suggests that buyers are starting to return to the market.

Current Market Conditions

Presently, Shiba Inu is trading at $0.0000174, demonstrating an over 1% decline in the past day. Despite the notable drop, investors continue to show strong sentiment toward the meme coin, as evidenced by a 15% surge in trading volume over the last 24 hours.

Conclusion

Shiba Inu’s price action has demonstrated early signs of recovery, suggesting a potential upsurge in the near term. With a rebound expected, investors are advised to monitor key resistance levels and community sentiment closely. The meme coin’s price performance is likely to be influenced by the growing demand from retail investors and the sizeable SHIBArmy community.

FAQs

Q: What is the current price of Shiba Inu?
A: Shiba Inu is currently trading at $0.0000174.

Q: What is the reason behind the recent decline in Shiba Inu’s price?
A: The recent decline is attributed to the downswing in the general crypto market within the week, resulting in a bearish period for the meme coin.

Q: What are the key resistance levels to watch for during the rebound?
A: The first major resistance is located at the 200 Simple Moving Average (SMA) of $0.00001891, with a potential break toward the 50 SMA of $0.00002288.

Q: How has the community influenced Shiba Inu’s price performance?
A: The ever-vibrant and sizeable community, known as the SHIBArmy, continues to be a major influence on SHIB’s price performance.

Q: What is the expected outcome of the recent increase in trading volume?
A: The recent increase in trading volume suggests that buyers are starting to return to the market, which may help maintain SHIB’s current rally.