- Shiba Inu saw a surprising 5.5% price surge, sparking speculation of a short-term high.
- Despite the rebound, Shiba Inu faces challenges with a 33% drop in trading volume, fueling debates on erasing another zero from its price.
- On-chain signals show setbacks, but these negative trends may lead to a reaccumulation phase.
Shiba Inu (SHIB) has managed to escape the clutches of the bearish market, experiencing a significant 5.5% surge in the past 24 hours. The coin’s price soared to $0.000008898, marking its first substantial growth in over a week.
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Despite the positive momentum, Shiba Inu faces challenges on multiple fronts. Daily trading volume has witnessed a sharp decline of over 33%, now resting at $103,074,070. This decline has triggered debates among enthusiasts about the coin’s potential to erase another zero from its price, with the current on-chain outlook revealing a struggle to regain momentum.
On-chain signals point to setbacks beyond the price surge. Address profitability, daily active addresses, and burn rate have all experienced significant downturns after months of positive trends. However, there is optimism that these negative indicators could pave the way for a reaccumulation phase.
According to market rules, after a substantial drawdown, sellers tend to ease off, creating conditions for a potential resurgence. Shiba Inu appears to have set the stage for this reaccumulation phase, activating growth catalysts in the process.
The broader market’s inherent bullish sentiment provides a glimmer of hope for Shiba Inu, as it strives to welcome capital inflows amidst its recent challenges. The key question now is whether the meme coin can surpass the $0.00001 price mark after successfully erasing a zero, with the ultimate resistance standing firm at $0.000011.
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- Source: https://cryptonewsland.com/shiba-inu-surges-5-5-can-it-smash-through-the-0-00001-barrier/
