Shiba Inu Reaches Dangerous Level, Catastrophe Might Be Ahead
ollowing the successful Ethereum Merge, most altcoins that are not tied to Ethereum in any way and cannot be mined lost the spotlight on the market and took a greater hit after the unexpectedly high CPI data release. Shiba Inu, unfortunately, is one of those assets. In the last three days, Shiba Inu has been consolidating around the fundamental support level which, if broken, could send the token back to this month or even year's lows.
Since June 2022, SHIB was able to reclaim more than 20% of its value, bringing some hope to mid- and long-term investors who have been coping with losses since October 2021. Despite redistribution among holders and the fundamental growth of the project, the speculative trading volume is still a large part of the token's inflows. According to volume profiles, Shiba Inu is not showing any signs of a fading, meaning the current consolidation.
Source
@Doge_ShibaInu
