Shiba Inu (SHIB) Not Ready to Give Up, Technical Data Shows

Shi­ba Inu’s most recent per­for­mance on the mar­ket raised some con­cerns among hold­ers of the promi­nent meme token as the pos­si­bil­i­ty of a large-scale rever­sal has been ris­ing almost every day. How­ev­er, the most recent moves on the mar­ket sug­gest that the bat­tle is not over.

It has been clear that the most recent break­out attempt of Shi­ba Inu turned out unsuc­cess­ful, as the token did not find enough buy­ing sup­port from investors and retraced with­out a chance of gain­ing a foothold above the resis­tance level.

Luck­i­ly, the token did not lose all sup­port. It entered con­sol­i­da­tion around the trend line resis­tance and moved in a side­ways trend for a respectable peri­od, which could have become an impor­tant fac­tor that would allow the asset to cool off and make anoth­er attempt to reach lev­els above the afore­men­tioned resis­tance level.

In the last six days, SHIB has gained around 10% to its val­ue after bounc­ing off of the 200-day mov­ing aver­age that might act as a sup­port lev­el for the promi­nent token. Unfor­tu­nate­ly, it is not yet clear whether bulls will find enough fund­ing to push the dog-themed token above the resis­tance level.

Last time, Shi­ba Inu trad­ing pairs across numer­ous exchanges report­ed more than a 500% vol­ume increase com­pared to the aver­age. Such an enor­mous spike in vol­ume was not enough to push SHIB above the trend line.

The only case in which Shi­ba Inu would break through is a mar­ket-wide recov­ery sup­port­ed by a high amount of lever­aged posi­tions. Con­sid­er­ing the fact that insti­tu­tion­al investors are not yet enter­ing the mar­ket, retails alone are unlike­ly to pro­vide enough fund­ing to cause sig­nif­i­cant moves on mar­ket, even for assets like SHIB.