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A 12% dip might not be disastrous for Shiba Inu

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Shiba Inu saw a similar price range earlier

Shiba Inu needed a 12% decrease in this market, especially after putting on a lackluster performance in the weeks leading up to the collapse. Although troublesome, the decline below the $0.00001 cutoff is not disastrous.

The meme token has tested the very same price level before; thus, this is not its first trial. Since more than two weeks earlier, Shiba Inu has been fluctuating at the same price.

Investors shouldn’t be alarmed or concerned if the token drops below the price mentioned in earlier level. This because many support levels have been developed even below it. Shiba Inu’s next probable turning point would be this year’s low or $0.00000770 price.

Can this low have a favorable outcome?

Shiba Inu trading
Shiba Inu trading

Positive evidence of the accumulated nature of today’s decrease is the low trading activity on Shib following a highly violent dip. The general success of the bitcoin market is most likely what led to today’s move. The cryptocurrency market dropped around $20 billion in investment money in less than 24 hours, which had to have an impact on assets like Shiba Inus. 

The low trading volume also demonstrates that market makers, who set the token’s price in line with other cryptocurrencies, were the biggest sellers under pressure. Despite the current price performance, Shib will probably start heading upward with the revival of the crypto market.

Unfortunately, if the dependency between the currency and the market worsens, a situation in which the token’s rebound rally supported by the market would become incredibly implausible.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.

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