As a number of meme coins begin to wane during the current season, Shiba Inu is essentially ascending the ladder. During the previous twenty-four hours, the value of SHIB increased by 2.09%, reaching $0.00003101. The increase in market capitalization and 24-hour trading volume is simultaneously observed, with respective growth rates of 2.05% and 13.79%. Although the situation may appear to be a fairytale for Shiba Inu, the token is not exactly off to a good start.
Avalanche’s AVAX has overtaken it in terms of Market Capitalization. It is natural to lose a spot on the list, but a serious downturn comes when cautionary messages are circulating about a token. Analysts have highlighted that Shiba Inu is forming a triangle to later enter into a downside valuation. Meaning it could soon begin to lose value.
Shiba Inu has already lost its name from the list of the top 10 coins. Avalanche is a new entrant on the list. Losing value could come at a cost.
Furthermore, there is optimism among analysts regarding the potential preparation of the dominant decentralized finance (DeFi) platform Retik Finance (RETIK) to emulate the momentous surge of the renowned Shiba Inu (SHIB) coin in 2021. As Retik Finance prepares to introduce its groundbreaking virtual DeFi debit cards, industry analysts predict the company’s revenue to soar.
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The trading board currently displays two key levels. For the upside, the figure stands at $0.00003695; for the downside, the figure stands at $0.000030000. The goal is to bounce back before it hits the lowest margin—call it price correction—and save the image with a new high value. A sell-off of SHIB is on the table as the RSI (Relative Strength Index) demonstrates an ascending flow. That brings momentum to the falling lines, triggering a decision to sell the token, SHIB in this case.
AO Indicator, the Awesome Oscillator Indicator, has also signaled a bearish thesis in the coming days.
AVAX is down by 0.13%, exchanging hands at $54.04 at the time of articulating this piece. It has overtaken Shiba Inu in terms of market capital by delivering a deficit of ~$2 billion. The token is further driven by the Avalanche prediction, which estimates that the token will end in 2024 at $100. That will mark a rise of close to 2 times. Thereby, it triggers a lot of interest in AVAX and contributes to its market cap.
Interestingly, analysts say that SHIB falling to $0.000030000 will provide an opportunity to buy more tokens. Traders will start including the dips in their portfolios to make sure that they do not miss out on the upcoming rise. This behavior is not uncommon in the cryptosphere. For instance, traders did buy the dip when BTC retraced to ~$64,000 from the high of ~$73,000. If anything, this is the only behavior that is certain in the market, which is heavily defined by its volatility.
Leonidas, a SHIB enthusiast, has said that market players support SHIB. They have done so before for BTC and ETH. The support promotes the token by placing its name in front of the platform’s name. According to Leonidas, true power and unseen dominance are approaching in a manner that has never been witnessed before.
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Supporters of SHIB are optimistic about running into the bull cycle of Shiba Inu. As a result, there is speculation of a future increase. In terms of market capitalization, AVAX is presently in front of the aforementioned token; nevertheless, market support or the actions of certain market participants could alter the situation at any moment. Enthusiasts will probably capitalize on the decline by adding SHIB to their investment portfolios. It goes without saying that this will restore growth to the Shiba Inu ecosystem.
