Shiba Inu (SHIB) Eyes Dramatic Rebound, One Obstacle Looms #Shiba Inu (SHIB) has been on the radar recently, particularly due to the resurgence of Bitcoin (BTC) which surged back to $67,000, a level not seen in over three weeks. This bullish momentum in the broader cryptocurrency market has also had a positive impact on SHIB, with the token experiencing a notable 10% increase over the past seven days, reaching a price of $0.00002499 according to CoinMarketCap data. However, despite this surge, there are still obstacles and bearish trends that Shiba Inu needs to navigate through.
Analyzing SHIB's recent performance, the token has exhibited a somewhat volatile pattern over the past 24 hours, with its price fluctuating by 0.85%. One of the key challenges it faces is breaking past the price range of $0.00002461 to $0.0000253, a level that has proven to be resistant to previous attempts.
One of the primary factors contributing to this resistance is the relatively low trading volume of SHIB, which currently stands at $407,626,780, marking a significant decline of 36.76%. This decrease in trading volume not only hinders the momentum for price appreciation but also reflects a bearish sentiment among investors, potentially prolonging the consolidation phase below the breakout point of $0.0000253.
Despite these challenges, Shiba Inu continues to attract attention as one of the most prominent meme coins in the cryptocurrency market. It has been striving to regain its position in the top 10 list of digital currencies, although recent market dynamics have favored other protocols like Toncoin in terms of market capitalization and investor sentiment.
Shiba Inu's recent developments on Shibarium, its Layer-2 scaling solution, have also garnered significant interest. The implementation of upgrades and milestones on Shibarium, including the much-anticipated launch of ShibaSwap on the L2 network, presents opportunities for SHIB to defy broader market trends and potentially experience a resurgence in demand.