Shiba Inu: Should strong hodlers continue to hold SHIB amidst a slow market?

Biraajmaan Tamuly
Source: Pexels

The last two weeks have been relatively quiet for the cryptocurrency market. While Bitcoin did register significant price swings, its weekly returns have been negligible over the past two weeks. However, Shiba Inu may have taken the cake when it comes to consolidation.

Source: Coingecko

As observed in the above image, its 24-hour change is around 0.6%, and its 7-day weekly gains were a mere 0.9%. The price also did not reflect any changes over the past hour, at press time. The question needs to be asked if SHIB remains a strong investment opportunity or not, and in this article, we will try to identify if there is a short-term position available in the chart.

Shiba Inu price structure

Source: Trading View

After the last-weekly high at $0.00002966, Shiba Inu has continued on a downtrend over the past few trading sessions. It remains at quite a distance from the yearly open and yearly high range but the bright side remains its incline support. Overall, it is important to note that the market is on a rise at the moment. Therefore, SHIB breaching past the triangle formation could lead to a flash breakout.

At the moment, breaking above $0.0003 remains 1st priority. With volumes decreasing alongside price, an influx may allow price to follow suit and stage a recovery.

Besides technicalities, Is there a fundamental upside?

While certain indicators might be turning against SHIB, it is always a hard bet to wage against the asset. Shiba Inu remains one of the strongest community-supported tokens, with a loyal user/fan base. In terms of network activity, it continues to burn and reduce its circulating supply.

Over the past 24-hours, the burning mechanism has removed 180 billion million SHIBA INU tokens. However, it is important to note that the total amount only constitutes ~$5000.

From a development perspective, Shiba Inu continues to improve its adoption avenues, with Bitcoin of America ATMs recently adding the asset under its operations. For Shiba Inu investors, the lucrative-ness of long-term turnaround remains, considering a strong bullish rally is inevitable for the crypto market, sometime in the future.