At press time, SHIB is trading at $0.000023, down 73.02% from its peak of $0.000088 in October 2021. Over the past 30 days, the price has fallen another 3.20%. However, analyst SHIB KNIGHT remains bullish and believes that SHIB can reach $0.0001 in a short period of time.

📉 Market status and challenges

1️⃣ Price Performance: The last time SHIB erased a zero from its price was in February, when the price rose from $0.0000095 to $0.000012, and then surged to $0.000035 in the first 10 days of March. However, the current price fluctuations indicate that market sentiment remains cautious.

2️⃣ Bullish and bearish power comparison: As of the time of writing, the gap between bulls and bears is 4, with bears in the lead. This shows that selling pressure is still large and prices may continue to be under pressure in the short term.

🔍 Technical Analysis and Market Indicators

  • Trading volume: Tracking the number of addresses that buy or sell 1% of SHIB’s trading volume is a key metric. When bulls have the upper hand, the token price is likely to rise, while when bears dominate, selling pressure increases and prices are likely to fall.

  • Relative Strength Index (RSI): The current RSI shows that the market lacks sufficient bullish momentum and may indicate a price correction or reversal in the short term.

🌟 Future prospects and opportunities

Although the current market sentiment is relatively pessimistic, in the long run, SHIB still has the potential to usher in a new round of growth:

1️⃣ Community support: Shiba Inu has strong community support, which is a strong guarantee for its long-term price trend. 2️⃣ Project development: The continuous expansion of the Shiba Inu ecosystem, such as the advancement of projects such as Shibarium, may bring new value growth points to the token.

📈 Investment strategy

Investors should act cautiously and combine market technical analysis with long-term prospects to make layouts:

  • Short-term strategy: Consider the current market sentiment, take profits or stop losses at the right time, and avoid blindly chasing high prices.

  • Long-term strategy: Pay attention to the development and major news of the Shiba Inu ecosystem, choose the right time to make fixed investments, hold on patiently, and wait for the market to recover.

🔔 Conclusion

Although SHIB is currently facing great market pressure, it is still expected to delete a zero and surpass the historical high in the future with strong community support and project development potential. Investors should remain rational, combine technical analysis and market trends, and formulate scientific investment strategies.

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