The popular meme cryptocurrency, Shiba Inu (SHIB), recently experienced a sudden downturn, dropping from $0.00001500 to $0.00001250 between May 29-30, as shown by the spike in trading volume during this period. Post this abrupt decline, the slower recovery coupled with receding volume indicates that SHIB might be entering a phase of consolidation, silently establishing a possible base beneath the recent peaks.
An Analysis of the May 29-30 Market Dip: Based on the latest insights provided by Crypto Man MAB, SHIB continues to exhibit signs of frailty in the short and long run. The meme coin is presently being traded at $0.00001266, recording a slight -0.47% dip in the past 24 hours. In a broader context, SHIB has suffered a 3.80% loss over the past month and a substantial 54.73% slump over the last six months, underscoring a continuous bearish trend.
From a technical perspective, the chart showcases a rapid price drop between May 29 and May 30, where SHIB plunged sharply from the $0.00001500 zone down to $0.00001250. This abrupt fall indicates strong selling pressure, possibly triggered by general market instability or profit-taking. However, the price has since found a bit of stability, exhibiting early signs of stabilization and potential consolidation in the lower range.
During the sharp fall, the volume analysis points to a significant increase in trading activity, hinting at panic selling or large-scale departures by holders. However, the volume has diminished post the drop, which typically indicates a cooling down of selling activity.
In summary, Shiba Inu seems to be in a phase of consolidation, with critical support or resistance levels needing to be tested before the next significant move can occur. The future trend – a bounce-back or further decline – could depend on the wider sentiment and if buyers re-enter the market with confidence.
Support and Resistance in Shiba Inu’s Recent Performance: Crypto Man MAB noted that SHIB has found short-term support around $0.00001250 after its recent drop, suggesting the selling pressure has subsided. Meanwhile, crucial resistance lies between $0.00001350 and $0.00001400, where Shiba Inu previously struggled to climb higher.
In conclusion, Shiba Inu is currently in a bearish trend, consolidating near the support of $0.00001250. A breakout above $0.00001350 might hint at a revival of bullish momentum, while a drop below $0.00001250 could lead to further losses. Keeping an eye on the trading volume and overall market sentiment will be essential in predicting the next move.
