Shiba Inu (SHIB), one of the leading memecoins in the cryptocurrency space, has experienced a rough week
Shiba Inu (CRYPTO: SHIB) has had a tough week, with its price currently at $0.00001082. The token, in the previous 24 hours, has dropped more than 12%, posting a decline of around 10.87% in the past week.
Shiba Inu Price Action: Despite past optimistic hopes, the Shiba Inu price has yet to hit new highs.
Last week’s analysis pointed towards the $ 0.0012 support zone as a possible bounce point. Traders were hoping for a push towards $0.000014 or higher.
However, that bounce didn’t materialize. Instead, Shiba Inu struggled around the price of $ 0.0000125 level, which has now turned into short-term resistance. The bulls tried but just couldn’t break through, indicating low confidence in the market.
On the 4-hour chart, the RSI (Relative Strength Index) attempted to cross the neutral 50 line, an event that usually signals a shift in momentum. But even this attempt failed, further highlighting the lack of bullish momentum.
The Bulls made a last-ditch effort to recover a few hours ago, but they couldn’t sustain the rally. Resistance remains strong around $0.0000124 and $0.0000125.
On the OBV (On-Balance Volume) side, there hasn’
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