SHIB Grasps Short-Term Rebound Opportunity: Here’s the Catch
- SHIB and ETH technical charts pinpoint a short-term rebound likeability.
- Mild panic grips Shiba Inu, Ethereum SushiSwap crypto investors.
- SHIB lead dev Shytoshi sends a mysterious message to the SHIB Army.
The windy squall of the ongoing crypto winter has slashed the prices of most altcoins, triggering a change in altcoin investor behavior. Three days ago, blockchain analysis enterprise Santiment unveiled that investors of such alternative currencies like Shiba Inu (SHIB) , Ether (ETH), and SushiSwap (SUSHI) are going through a rough patch.
In the tweet, Santiment disclosed that crypto holders have been cashing out at a deficit, causing mild panic among network users. However, the graph also pinpoints this scenario to be a historical groundwork for a short-term rebound rally, as on-chain capitulation signals often mark the bottom price .
Bark of Peace by Kusama Amid SHIB Price Stagnation
Since the analysis conducted by Santiment, Shiba Inu’s market price continued to trade in phased consolidation. At press time, the #19 ranked canine coin is changing hands at $0.00000691, according to CoinGecko. Sliding further by another 4.20% in the last 24 hours, SHIB’s deficit now sums up to 8.4% in weekly terms.
SHIB flopped below the crucial resistance at $0.000007 for the first time since mid-July, 2023, which bottomed out at $0.00000657, later sending it to a yearly high in August.
However, the on-chain signals turned bearish for Shiba Inu due to the coin failing to maintain the hallmark resistance at $0.000008 since August. The descending parallel channel for Shiba Inu’s price continued throughout the month, causing a 9.4% drop in the last 30 days.
Shiba Inu’s lead dev, Shytoshi Kusama, thanked the enthusiastic community, hinting at a new major product in a matter of weeks.
Kusama also discussed the sensitive issue of the atrocious attack on Israel by Hamas. He concluded that the SHIB Army is “a community that wishes to bring a positive change to the world” and encouraged Shiba Inu fans to spread the message of light across the globe.
On the Flipside
- The last four short-term bull runs for $SHIB ended around $0.00000755, while anything above the price range was last touched in August on Shibarium’s launch.
- This price movement for $SHIB has raised eyebrows among crypto investors, who expected a pump once the Shibarium Layer-2 mainnet took off.
- While Shibarium L2’s public launch in August skyrocketed SHIB to $0.00001071, the 35% gains were not sustained, with a full reversal two weeks later.
Why This Matters
Drawing historical parallels between crypto price movements and investor behavior shows the cryptocurrency’s volatility and resilience characteristics.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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