According to U.Today, Shiba Inu, a popular digital currency, attempted a recovery on April 3, but was unable to maintain a rally due to a bearish market. Despite a 4% increase in intraday trading, the cryptocurrency is currently valued at $0.00002651, marking a 2.18% decrease in the past 24 hours.
Market observers are now searching for the price floor that could potentially allow Shiba Inu to rebound. Over the past week, the $0.000026 price point has acted as a strong support level for the token, with three significant rebounds occurring at this level. When considering the monthly growth trend, the new support level is now at $0.000024. Despite the noticeable decrease in price, Shiba Inu is trading above this level, indicating that the meme coin still has a slight retracement gap before reaching its price floor.
The current trend is crucial for Shiba Inu, as a defined consolidation phase is necessary for it to break the $0.00003 resistance point. To achieve this, Shiba Inu will need to rely on the strength of its whales and take advantage of its core ecosystem metrics, such as the burn rate, to chart a bullish path forward.
Shiba Inu's slow-paced growth is influenced by the overall market trend. With Bitcoin's price down by 5.93% over the past week to $66,205, the market's future remains uncertain. However, Shiba Inu's reliance on community strength and the potential of its Shibarium protocol has kept buyers interested, with many choosing to buy the dip.
