Not surprisingly, Shiba Inu [SHIB] continued the downward trend today. This, after already falling by 27% during the week. Thanks to the same, the meme coin fell 91% from its ATH in November 2021, at the time of printing.

SHIB will have to recover and mark a 900% rally if it plans to regain that level.

An unlikely miracle?

With the bears pounding, SHIB’s chances of a near-term recovery look very bleak. Shiba Inu, which is trading at $0.00000795 at the time of writing, is at a point where most coins reach their dead end. Still, the meme coin only continues because some of its investors still think the crypto is worth it.

But even they are gradually withdrawing their support. Those who move their assets, even if they don’t sell them, face losses anyway.

More than 24 trillion SHIB worth $192 million exchanged hands this month alone. Each of these trades was lower than the price they were bought at.

Shiba Inu trades in losses | Source: Santiment – ​​​​AMBCrypto

Recent FOMO-induced investors were not alone in this, as the network has also witnessed similar moves from SHIB holders who have held their assets for over a year.

This can be verified by the consumption of 3,611 trillion days – a result of investors moving their offerings.

Sell ​​Shiba Inu LTH | Source: Santiment – ​​​​AMBCrypto

Still, of those who have SHIB, 73k are the ones who need this rally the most. Why? Well, because this cohort of investors bought their holdings when the meme coin traded at its all-time high of $0.00007929.

Ergo, it’s clear they won’t see any gains until Shiba Inu climbs back up the charts by 900%.

Shiba Inu all time highs | Source: Intotheblock – AMBCrypto

Even if investors support the rise, broader market signals will act as a hurdle for now. For example, according to the price indicators, SHIB is currently in the oversold zone.

Shiba Inu price promotion | Source: TradingView – AMBCrypto

In addition, the active downtrend according to the Parabolic SAR is gaining momentum. Also, the Average Directional Index (ADX) has risen above 40.

If the same continues, it won’t be long before SHIB extends the rally needed to reclaim the ATH beyond 1000%.



This post What does Shiba Inu . do [SHIB] needs to hit his former ATH again

was published first on https://ambcrypto.com/what-does-shiba-inu-shib-need-to-hit-its-former-ath-once-again/

Author

Write A Comment