Shiba Inu price returned to the bottom of 2022, negating all gains we saw back in October, what’s next?

Having dropped to the bottom of 2022, Shiba Inu (SHIB) has reversed all of the gains we saw in October. Right now, only a rebound and a bounce from the bottom would be acceptable for the cryptocurrency. But according to some measurements, it would be an issue.

Shiba Inu Returns to Bottom Again, What’s Next?

Shiba Inu dipped below the lower limit of the trading range, getting closer to the 2022 low of $0.00000793, as shown by the token’s daily chart. The volume is decreasing, indicating that SHIB might bounce.

shiba-inu-price-returned-to-the-bottom-of-2022-negating-all-gains-we-saw-back-in-october-whats-next

SHIB/USD 4-hour chart | Source: TradingView

The asset is confirmed to be oversold by the Relative Strength Index on the chart, opening the door for a bounce should new purchasing power emerge on the Shiba Inu market. However, the market’s current position advises investors to steer clear of all risk exposure. Memecoins and tokens will probably fall victim to the market’s dampened emotion first.

The continuous movement in the rangebound would be the most plausible scenario for Shiba Inu, given the variables above. According to the market’s current conditions, Shiba Inu should not be included in investor portfolios, and today’s market decline is further evidence of this claim.

According to on-chain data, Shiba Inu is held in vast quantities by individual investors on centralized exchanges, which explains why the token is continually having trouble gaining traction on the market. Practically every local rise on Shiba Inu is being choked off before it gets going since the selling pressure from individual investors quickly kills

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