SHIB Grasps Short-Term Rebound Opportunity: Here’s the Catch

• SHIB and ETH technical charts pinpoint a short-term rebound likeability.
• Mild panic grips Shiba Inu, Ethereum SushiSwap crypto investors.
• SHIB lead dev Shytoshi sends a mysterious message to the SHIB Army.

The windy squall of the ongoing crypto winter has slashed the prices of most altcoins, triggering a change in altcoin investor behavior. Three days ago, blockchain analysis enterprise Santiment unveiled that investors of such alternative currencies like Shiba Inu (SHIB) , Ether (ETH), and SushiSwap (SUSHI) are going through a rough patch.

In the tweet, Santiment disclosed that crypto holders have been cashing out at a deficit, causing mild panic among network users. However, the graph also pinpoints this scenario to be a historical groundwork for a short-term rebound rally, as on-chain capitulation signals often mark the bottom price . 

Bark of Peace by Kusama Amid SHIB Price Stagnation

Since the analysis conducted by Santiment, Shiba Inu’s market price continued to trade in phased consolidation. At press time, the #19 ranked canine coin is changing hands at $0.00000691, according to CoinGecko. Sliding further by another 4.20% in the last 24 hours, SHIB’s deficit now sums up to 8.4% in weekly terms.

SHIB flopped below the crucial resistance at $0.000007 for the first time since mid-July, 2023, which bottomed out at $0.00000657, later sending it to a yearly high in August.

However, the on-chain signals turned bearish for Shiba Inu due to the coin failing to maintain the hallmark resistance at $0.000008 since August. The descending parallel channel for Shiba Inu’s price continued throughout the month, causing a 9.4% drop in the last 30 days.

Shiba Inu’s lead dev, Shytoshi Kusama, thanked the enthusiastic community, hinting at a new major product in a matter of weeks.

Kusama also discussed the sensitive issue of the atrocious attack on Israel by Hamas. He concluded that the SHIB Army is “a community that wishes to bring a positive change to the world” and encouraged Shiba Inu fans to spread the message of light across the globe.

On the Flipside

• The last four short-term bull runs for $SHIB ended around $0.00000755, while anything above the price range was last touched in August on Shibarium’s launch.
• This price movement for $SHIB has raised eyebrows among crypto investors, who expected a pump once the Shibarium Layer-2 mainnet took off.
• While Shibarium L2’s public launch in August skyrocketed SHIB to $0.00001071, the 35% gains were not sustained, with a full reversal two weeks later.

Why This Matters

Drawing historical parallels between crypto price movements and investor behavior shows the cryptocurrency’s volatility and resilience characteristics.

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