This Christmas, is there still hope after the avalanche-like drop in SHIB trading volume?
Recently, market sentiment towards Shiba Inu (SHIB) has significantly declined, with investors expressing skepticism about its long-term growth trend. Currently, SHIB's trading price is approximately $0.00002215, and the previous upward trend seems to have reversed.
The 100-day Exponential Moving Average (EMA) around $0.00002255 has become a strong resistance for price increases, further exacerbating the bearish sentiment in the market. With insufficient confidence in SHIB's rise, the failure to break through this key resistance level could signify the end of its recovery attempts.
Looking ahead, Shiba Inu may find immediate support around $0.00002055, at the 200-day EMA. If this support level is lost, the price may decline further, approaching the psychological support level of $0.0001900.
To restore the upward trend, SHIB must reclaim the key position of the 100-day EMA at $0.00002255. Against the backdrop of the current overall market expansion, Shiba Inu's lackluster performance is particularly notable, highlighting its difficulty in maintaining investor interest.
Currently, SHIB is still under pressure, and its future trajectory will depend on whether it can attract new investors and maintain key support levels. To determine whether the asset can recover, it is essential to closely monitor trading volume and various momentum indicators that influence the strength of SHIB's trend.
