Shiba Inu will once again torture its investors with slugfest on market
One of the biggest meme cryptocurrencies on the market has remained stagnant as the coin’s daily average volatility has returned to a range of 2-3% – disastrously low for an asset whose value is mostly based on speculation.
Four days ago, SHIB started a sudden rally and topped out with an almost 20% price increase in less than 48 hours. The main reason behind such rapid and unexpected growth was mostly tied to the recovery of the digital assets market in general.
Unfortunately, with the lack of momentum on the market in general and SHIB in particular, the rally quickly faded, and the coin returned to the value we saw earlier. As of press time, the Shiba Inu is moving closer to the trendline support level that it has tested several times before.
In the case of a spike in trading volume, the aforementioned trendline support will act as a foundation for another rally. Sadly, Shiba Inu network activity and the current volatility on the market suggest that there will be no movement in the upcoming days or even week, unless something brings inflows to the cryptocurrency market.
From a technical point of view, the moving averages on the Shiba Inu are gradually converging with each other, which may indicate a possible volatility in the future. For the past three months, SHIB was moving in an uptrend with less volatility, with some attempts to break out earlier.
Luckily, the asset has not yet returned nor shown any signs of testing the 2022 bottom at $0.000007. At press time, the token is trading at $0.000012 and showing a mild 0.78% price correction in the last 24 hours.
