Shiba Inu Struggles to Reach ATH Amid Bearish Trends
The Shiba Inu token trades much lower than its all-time high of $0.00008845 from past market trends. Marketcapof research indicates SHIB can never surpass its previous all-time high when achieving market capitalization rivaling Dogecoin.
The Dogecoin (DOGE) network now holds a $25 billion market total value. At this market cap level, Shiba Inu would reach $0.00004256, which is well below its previous record-breaking $0.00008845. A price rise to this level would triple SHIB value but would not take it past its previous peak.
Shiba Inu struggles to reach $0.00002 because of market difficulties that affect the entire crypto sector. Although most analysts are worried about the coin”s performance, they hope it will regain strength. Crypto specialist Javon Marks believes SHIB will return to its all-time high or reach near it when certain market conditions are met.
Shiba Inu Price Faces Strong Market Resistance
According to Marks” new analysis, SHIB starts showing momentum from its present value. Though SHIB exists in the open space at present, Marks explains that necessary developments continue to support its future upward trajectory. The expert predicts that if SHIB reaches $0.000081, it would experience a 400% growth before approaching its previous price high.
Data available within the chain network shows SHIB has fewer chances to increase in value now. The number of SHIB tokens being burned has fallen enormously by 94% during both recent time periods and current 24 hours through 946,228 burned SHIB.
The number of SHIB tokens taken out of circulation each week remains low at 1 billion units. Fewer users are engaging with SHIB, which reduces its potential price increase over the next months.
Various blockchain measurements show that prices could go down. The whales in SHIB community have decreased their buying activities by 2%, indicating that large investors avoid market decisions, — states IntoTheBlock metrics. The data shows that 61% of SHIB holders own more coins than they paid for, which means a high chance of sell-offs in the coming months.
People in the community still see hope despite the bearish indicator signs. According to Up to the Minute CoinMarketCap figures, Shiba Inu trades at $0.00001269 with a 3% price boost over past 24 hours. Whether the current price increase manages to recover from the extended market losses remains uncertain because market conditions impact this meme coin.
The cryptocurrency community will observe SHIB”s market reaction as it attempts to recover from its current downward trend. The upcoming direction for Shiba Inu”s value to reach its previous ATH remains unclear because market trends oppose each other.
