Shiba Inu Struggles to Ride Up in Bear Market

According to U.Today, Shiba Inu, a popular digital currency, attempted a recovery on April 3 but was unable to sustain its rise due to the bearish market. Despite a 4% increase in intraday trading, the cryptocurrency is currently valued at $0.00002651, marking a 2.18% decline in the last 24 hours.

Market watchers are now looking for the price floor that could allow the Shiba Inu to recover. Last week, the $0.000026 price point acted as a strong support level for the token, with three significant recoveries occurring at this level. Considering the monthly growth trend, the new support level is currently at $0.000024. Despite the noticeable decline in price, Shiba Inu is trading above this level, indicating that the meme coin still has a slight retracement gap before reaching the price bottom.

The current trend is crucial for Shiba Inu as a defined consolidation phase is required to break the $0.00003 resistance point. To achieve this, the Shiba Inu will need to rely on the strength of their whales and utilize key ecosystem metrics such as burn rate to chart an upward path forward.

The slow-paced growth of Shiba Inu is influenced by the general market trend. The future of the market remains uncertain, with the Bitcoin price falling 5.93% to $66,205 last week. However, the Shiba Inu's confidence in the power of the community and the potential of the Shibarium protocol kept buyers interested, with many opting to buy the dip.#Binance #SHIB🔥🔥#si_dar $SHIB