Today we are going to talk about Shiba Inu Coin, also known as Shib Coin. How is it doing recently? It cannot be said that Shiba Inu Coin has attracted much attention, but it has always been hotly discussed in the currency circle. Let's see how it is doing recently? Is there still a chance for a comeback?
The latest news about Shiba Inu:
Currently, the Shiba Inu (SHIB) token has increased by -3.21% in the past 24 hours, the 24-hour trading volume is 22.13 trillion, and the 24-hour trading amount is 1.096 billion, ranking seventh in the hot search rankings.
Why do we say he is preparing to move down? Is there a chance for a comeback?
Shiba Inu (SHIB) has been trending downward since the beginning of the year, which is quite different from the performance of most of the cryptocurrency market. This pattern reveals a bearish long-term trend within a continuing descending wedge pattern. However, it is observed that there is a solid support around $0.00000645, which may curb the downward trend to some extent.
In addition, the downward trend of Shiba Inu tokens (SHIB) in August and the subsequent adjustments provided participants with a cheap entry opportunity. Therefore, since mid-August, SHIB tokens have begun to rise steadily, and the increase in the average token age in 90 days also confirms this. However, the increase in the supply of wet markets shows that more SHIB tokens are flowing to centralized wet markets, adding pressure.
Currently, Shiba Inu Token (SHIB) is trading below its 21-day exponential moving average (EMA), an important technical indicator that often reflects the momentum of an asset. The position below the EMA means that SHIB is in a state of suppression and the trend is biased to the downside.
Furthermore, the coin has not attempted to breakout and rally to higher levels, further emphasizing the downtrend. The 21-day moving average is a dynamic line, and if SHIB is continuously below it, it indicates that its movement is under strong downward control. Another worrying factor for SHIB's potential recovery is its participation volume. Typically, strong participation volume means that there is strong interest and activity around the asset, which can be a sign of strong volatility.
However, in the case of SHIB, participation was at extremely low levels, indicating a lack of interest, which could further dampen hopes of a quick recovery.
Pipi believes that the Shiba Inu (SHIB) token still has a chance to make a comeback, let us wait and see!
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