For now, the crypto market struggles to overcome persistent bearishness. Though the space appears scary, faith and patience might be essential. Meanwhile, Shiba Inu holders out to go with the HOLDLing law. Also, they should trust in the prevailing market situations to maximize profits.
The DOGE competitor has lost many weak hands as the redistribution event flourished. While publishing this content, about 75% of Shiba Inu holders remained in losses with cryptocurrency winter dominating. Moreover, several partnerships have failed to push the alt higher on its price chart. Shiba Inu traded near $0.00001073 at this publication, relatively flat within the previous day.
Shiba Inu Price Action
Evaluating the 1-day timeframe can present a clear picture to swing/positional traders. Shiba Inu has traded inside the $0.00003925 – $0.00001079 range since this year started. Investors should expect further losses until SHIB bulls reclaim $0.00003925 as support.
However, intraday and swing traders will have plenty of opportunities despite Shiba Inu’s range-bound actions in the upcoming weeks. A careful trading approach plus strong psychology might result in success as long as investors respect stop losses and consider the target price.
Nevertheless, investors that have waited for Shiba Inu to join a bullish cycle may refrain from executing long positions since indicators remain massively bearish. The Relative Strength Index remained within the oversold territory over the previous two weeks. Moreover, the Moving Average Convergence Divergence has hinted at bearish momentum. Surprisingly, the Bollinger Bands width indicates that volatility took a retreat.
Meanwhile, amateur traders can consider the market volume and market cap to evaluate entry levels. Though volume spiked with irregular intervals since April 13, capitalization followed gravity. That can’t be a lucrative signal for market players looking to earn quick cash.
Furthermore, psychology remains crucial for any trader, and faith is the primary ingredient. Considering the token’s social volume index, April 21 had market players taking a massive interest in Shiba Inu, maybe trusting prices will surge. The asset’s social dominance on the day hovered at 5.79%. Nevertheless, Shiba Inu could not impress investors as volume deteriorated.
For now, the Shiba Inu network appears depressed. Moreover, the alt shares a 0.98 correlation with Bitcoin. SHIB will only surge after BTC overcomes the current bearishness.