Shiba Inu is not as easy to train as many people expected.
The above article is not intended to be investment advice. It is being written as part of a student’s assignment, and the content provided here should only be used for informational purposes and not taken as investment advice.
Every investment carries some degree of risk, and you should always perform your own due diligence before making decisions. We do not recommend investing money you cannot afford to lose.
The recent breakout attempt of the token, however, did not result in a big price increase. As it struggled to find support from investors and retraced without gaining enough momentum to break through resistance levels.
The token recovered somewhat and moved in a sideways trend around the resistance line formed by its long-term uptrend. This could be an important factor that would allow it to make another attempt at levels above current prices.
Source Graph: Binance
After a strong bounce off of the 200-day moving average, SHIB appears to have found support and maybe start a new rally. Unfortunately for bulls, it’s not clear whether they can push the dog-themed token above resistance levels that are just below 10 cents per coin.
Shiba Inu trading pairs across numerous exchanges reported more than a 500 percent volume increase compared to the average. Although such an enormous spike in volume was not enough to push SHIB above its trend line, last time it did so by over 800%.
A market-wide recovery supported by a high level of leveraged positions is the only scenario in which Shiba Inu would cause significant moves in markets. Since institutional investors are not yet entering those markets, however—retail alone likely cannot provide enough funding for such an event
Post Disclaimer
Please note that the opinions shared here are for informational purposes and not meant to be considered investment advice. Each writer expresses their own views, which may not necessarily reflect those of the platform. All investments and trading carry risks, so it is important to conduct thorough research before making any decisions. It is important to only invest money that you can afford to lose, as this author & Financial Futruism is not responsible for any financial losses resulting from investments or cryptocurrency trading.
