- Shiba Inu gains muscle
- Not as meaningful
For a brief period, Shiba Inu provided what many investors had been anticipating: the elimination of yet another zero from its price. SHIB surged to the $0.00001 level during a strong intraday move, trading above it briefly before swiftly reversing. Although the milestone was technically reached, the market’s response showed that there was not enough support for the move to become a sustained breakout.
Shiba Inu gains muscle
A sudden increase in buying pressure propelled SHIB above its 100-day exponential moving average (EMA), which in turn drove the rally. For weeks, this level had served as a strong dynamic barrier that limited attempts at upside and strengthened the overall downward trend.
SHIB/USDT Chart by TradingViewBreaking it was a significant technical event that might have made follow-through purchases possible in more favorable circumstances. Instead, a sharp increase in selling pressure followed the breakout. Supply quickly outpaced demand as the price surged above $0.00001.
The reversal’s speed indicates that many participants were in a position to sell into strength rather than build. This action effectively ended the rally and hindered the development of sustainable momentum. Structurally speaking, SHIB is still in a recovery phase, as opposed to an established uptrend.
Long-term resistance levels are still above despite a brief bullish flip in short-term indicators. When tested, the asset continues to draw sellers because it is still trading below the major moving averages that indicate the direction of the broader trend. Volume data provides additional context.
Not as meaningful
The move was accompanied by a sharp but irregular spike that indicated reactive trading as opposed to steady accumulation. Volume usually increases and stays high during significant trend reversals, as the price consolidates above recovered levels. In this instance, activity rapidly decreased as selling pressure surfaced.
The brief zero removal draws attention to a crucial market reality for Shiba Inu. Psychological milestones can be attained, but buyers must have patience and conviction to hold them. That conviction seems shaky at the moment.
Source: https://u.today/shiba-inu-shib-zero-suddenly-removed-after-56-days-of-pain-but-theres-a-problem
