Shiba Inu (SHIB) Correction Starts Again: What's
Next?
Shiba Inu has once again entered a correction
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phase, dipping below the 26-day EMA and moving toward the next major support level. This bearish signal has pushed SHIB toward its next support level near $0.00002. The asset's recent movements can be significantly attributed to the almost nonexistent trading volume, explaining the current stagnancy in its market value.
The subdued activity surrounding SHIB reflects that the token is not in high demand at the moment. This lack of interest is a continuation of a recent downtrend on the market and plummeting risk demand.SHIBUSDT Chart by TradingView
The industry is still reeling from unmet expectations post-Bitcoin halving, a period that should have sparked bullish sentiment. However, the anticipated rally across major crypto assets has not materialized, leading to a risk-off approach among investors. As cryptocurrencies like Bitcoin struggle to regain their highs, altcoins, including SHIB, are also feeling the pressure.
This recent price correction in SHIB's value may not be an isolated event but a segment of an extensive trend where risk appetite is low. The muted response from buyers post-halving suggests that confidence in the market is not as strong as expected, causing many to steer clear of more speculative assets like Shiba Inu.
