Shiba Inu is not as easy to train as many people expected.
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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
