Shiba Inu Trying Hard to Recover: Will It Gain the 10th Spot, Surpassing Avalanche?

The post Shiba Inu Trying Hard to Recover: Will It Gain the 10th Spot, Surpassing Avalanche? appeared first on Coinpedia Fintech News

After a minor bull run, the markets appear to have halted their upswing as the bulls are possessing some weakness. Despite this, major tokens have been trying hard to trigger a recovery phase, and Shiba Inu is one of them. After rebounding from the lows, the SHIB price has been rising, suggesting the bulls are regaining momentum and hence a significant upswing may follow soon. 

The token has attracted massive liquidity in recent times as trillions of SHIB tokens have been on a constant move. The whales also appear to have shifted their attention over the crypto, due to which more than 77 billion SHIB has been transacted in the past 24 hours. Besides, a massive number of tokens were also sent to the exchanges, suggesting significant volatility may soon kick in. 

This movement can be a result of the traders becoming optimistic about the whole market as the tokens have regained strength after a drastic drop. And this could be the major reason for the flip. Now the question arises when the Shiba Inu price may form a new ATH and squash a zero from its value. 

The SHIB price rallied aggressively from the lows around $0.000009 and marked the interim highs at $0.000045. Unfortunately, the bulls lost their momentum, which drove the prices significantly lower. However, in times when the traders started to become uncertain about the impending trend, the memecoin undertook a steep rebound but still refrained from entering the key resistance zone. 

Also Read : PEPE Price Signals Midterm Reversal: Here’s What Next For Memecoin

Besides, a bullish divergence is seen with the daily RSI but the constant drop in volume may raise some concerns. However, the market conditions are smoothing a little, which suggests a healthy upswing could be fast approaching. With this, the possibility of reclaiming $0.00003 during the weekend is extremely important to keep up the bullish momentum; otherwise, the sideways trend could continue.