Cover image via U.Today
Shiba Inu made a play toward recovery at the close of trading on April 3, but the bearish siege overwhelmed every attempt to sustain a rally. After jumping as high as 4% in intraday trading, Shiba Inu is currently changing hands for $0.00002651, down by 2.18% in the past 24 hours.
Shiba Inu price floor
With the instability Shiba Inu is showcasing, market observers are now in search of the price floor upon which the digital currency can finally plot a rebound. Over the past seven days, the $0.000026 price mark has served as the token’s formidable support level, with three major rebounds at this point.
Shiba Inu 7-Day Chart. Source: CoinMarketCap
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When zoomed out to the monthly growth trend, the new support level now comes in at $0.000024. Despite this visible price slip, SHIB is trading above this price level. This implies the meme coin still has a slight retracement gap before hitting its price floor.
The current trend is, however, essential for Shiba Inu, as a defined consolidation phase is essential to help it break the $0.00003 resistance point once and for all. To achieve this feat, Shiba Inu will need to rely on the strength of its whales.
Additionally, the token will need to muster the benefits in its core ecosystem metrics, like the burn rate, to chart a bullish path forward.
Broader market sentiment impact
As a volatile cryptocurrency, Shiba Inu’s slow-paced growth hinges on the general trend of the market. With Bitcoin’s price still down by 5.93% over the trailing seven-day period to $66,205, the market has been left in limbo, casting a gloomy outlook on what comes next.
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For Shiba Inu, its reliance on community strength and the prospects of its Shibarium protocol has kept buyers locked in with a move to buy the dip.
