Shiba Inu's Recovery Stalls as Bears Rein Force Pressure

Amidst bearish pressure, Shiba Inu (SHIB) attempted a recovery on April 3, but a 2.18% loss in the past 24 hours has pushed the token down to $0.00002651. With instability and a search for a price floor, $0.000026 has emerged as a support level, providing three major rebounds. However, a retracement gap exists before reaching the potential price floor of $0.000024.

Shiba Inu's Tentative Recovery Attempt Stalled by Bearish Pressure

New York, April 4th, 2023 - Despite a promising surge early in trading on April 3rd, Shiba Inu (SHIB) has succumbed to renewed bearish pressure, shedding its earlier gains. After briefly rallying by 4% during intraday trading, SHIB is currently trading at $0.00002651, representing a 2.18% decline over the past 24 hours.

Shiba Inu's Price Floor

The recent market volatility surrounding Shiba Inu has prompted analysts to speculate about the potential price floor at which the cryptocurrency could stabilize and initiate a sustainable recovery. Over the past week, the $0.000026 level has emerged as a crucial support level for SHIB, with three significant rebounds occurring at this point.

Zooming out to a monthly perspective, the new support level is now estimated to be $0.000024. Notably, SHIB is currently trading above this price level, indicating that the meme coin may still undergo a slight retracement before reaching its ultimate price floor.

This current trend is considered pivotal for Shiba Inu, as a period of consolidation is essential for breaking through the $0.00003 resistance level decisively. To accomplish this feat, Shiba Inu will require the support of its whale investors.

Additionally, SHIB will need to leverage the strength of its ecosystem metrics, particularly the burn rate, to generate a bullish momentum.

Impact of Broader Market Sentiment

As a volatile cryptocurrency, Shiba Inu's growth trajectory is heavily influenced by broader market sentiment. With Bitcoin (BTC) still down by 5.93% over the past seven days and trading at $66,205, the overall market remains uncertain, casting a shadow over future market developments.

In the case of Shiba Inu, its reliance on community enthusiasm and the anticipated Shibarium protocol has provided some solace for buyers, encouraging them to purchase the cryptocurrency amidst the price dip.

Conclusion:

Shiba Inu's attempted recovery has been temporarily halted by prevailing bearish sentiment. The cryptocurrency's price floor remains an area of speculation, with analysts identifying $0.000026 and $0.000024 as potential support levels. Consolidation and support from whale investors and ecosystem metrics will be crucial factors in Shiba Inu's ability to break the $0.00003 resistance level and embark on a sustainable upward trajectory. However, the cryptocurrency's performance remains tied to broader market sentiment, particularly the price movements of Bitcoin.