The crypto market has been very active lately, and the effect of these fluctuations became even more evident yesterday. Many cryptocurrencies have experienced relatively large declines, attracting the concern and attention of investors. In particular, popular cryptocurrencies such as Shiba Inu were also affected by this bearish wave and lost significant value in the last 24 hours. However, such declines alone do not present a picture. Analysts are trying to guide investors by evaluating the reasons behind these declines and possible scenarios for the future.
The decline experienced by Shiba Inu was welcomed by many analysts as an expected development, considering the general trends in the market and specific token features. Some interpreted this decline as the asset's price retesting past lows, suggesting that this could trigger a price increase in the future. For example, Maximilian, a popular analyst, noted in his TradingView analysis that SHIB bulls held on to their tokens even as prices declined, which was interpreted as signs of recovery.
Another point that Maximilian emphasizes in his analysis is the stability of the Shiba Inu's price chart. In particular, the fact that SHIB is trending in an ascending channel on the 4-hour chart is considered a positive sign for some investors. However, investors are closely watching how this trend in the price chart will affect its sustainability and future price movements.
At the time the analysis was published, Shiba Inu had fallen to $0.00002783. But since then, the bears have triggered new declines. As a result, SHIB lost the $0.000027, $0.000026, and $0.000025 price supports and is currently changing hands at $0.00002437.
Another factor supporting Maximilian's optimism is the increase in volume. Because volume reflects trading activity in the market, increased volume is often interpreted as an indication of continued investor interest in the asset. Therefore, the Shiba Inu's increase in volume is interpreted as breast moin may provide a favorable basis for a potential recovery.
Another important point stated by Maximilian in his analysis is that the general upward trend of Shiba Inu continues regardless of market conditions. This can be considered a positive sign for long-term investors and indicates that despite SHIB's short-term fluctuations, the long-term trend is strong.
Finally, Maximilian noted the importance of Shiba Inu defending the recently breached channel support at $0.000027. Maintaining this level means the price may enter a recovery period before falling further.
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