Shiba Inu (SHIB) momentarily moved out of its bearish streak that\u2019s been going for the past few weeks on October 25 when the crypto market made a rally to reclaim the $1 trillion market cap turf.<\/p>\n
SHIB went up by 10% since October 25 before its recent price correction
\nShiba Inu lost 2% of its value over the last 24 hours
\nThe crypto is still up by almost 8% for the past week<\/p>\n
In doing so, the Dogecoin spin-off crypto managed to upend weeks of being in a downward trend that\u2019s been very brutal to the 14th ranked cryptocurrency in terms of market capitalization.<\/p>\n
SHIB, however, wasn\u2019t able to sustain its upward trajectory as it once again made a step back for the past 24 hours.<\/p>\n
At press time, according to tracking from Coingecko<\/a>, Shiba Inu is trading at $0.00001070. It\u2019s been down by 2% over the last day but is still up by 7.9% for the past week.<\/p>\n SHIB\u2019s 12-hour chart shows price trend is swinging<\/a> sideways and there is no definite consolidation on a bullish region.<\/p>\n Source: TradingView<\/p>\n The altcoin did manage to increase by up to 10% since October 25 but has suffered price correction over the last few hours.<\/p>\n Its Relative Strength Index (RSI) was leaning towards a bullish movement during that time but the current price movement says otherwise.<\/p>\n If Shiba Inu fails to rebound from this minor price dump, the crypto might find itself on a downward movement once again.<\/p>\n It\u2019s also a surprise that Dogecoin\u2019s momentum is no longer helping SHIB right now considering DOGE witnessed a significant price surge just moments after Tesla CEO Elon Musk took over Twitter.<\/p>\n Frustratingly, Shiba Inu repeatedly tried and eventually failed to build up enough momentum to push its price to higher levels.<\/p>\n Experts believe there are three problems<\/a> that are standing in the way of SHIB to move even just an inch closer in realizing its developers\u2019 dream to flip Dogecoin.\u00a0<\/p>\n The first issue is that its circulating supply remains highly concentrated as more than 63%of all available SHIB tokens are being held by just 10 wallets which could be owned by fewer than 10 individuals or all by one person.<\/p>\n Shiba Inu still has limited case uses as of this time as its most significant use is being a method of exchange. Moreover, there are only 112 merchants that accept the altcoin as a mode of payment.<\/p>\n The asset\u2019s network development roadmap is also not clear as there is no definite direction for where it is headed.<\/p>\n It\u2019s probably one of the reasons why investors are veering away of the crypto, shifting their focus and resources to assets with well-planned path that ensures ROI and profit.<\/p>\n\n SHIB market cap at $6.41 billion on the daily chart | Featured image from CryptoGlobe, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal knowledge and should not be construed as investment advice.<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Shiba Inu (SHIB) momentarily moved out of its bearish streak that\u2019s been going for the past few weeks on October 25 when the crypto market made a rally to reclaim the $1 trillion market cap turf.<\/p>\n SHIB went up by 10% since October 25 before its recent price correction In doing so, the Dogecoin spin-off crypto managed to upend weeks of being in a downward trend that\u2019s been very brutal to the 14th ranked cryptocurrency in terms of market capitalization.<\/p>\n SHIB, however, wasn\u2019t able to sustain its upward trajectory as it once again made a step back for the past 24 hours.<\/p>\n At press time, according to tracking from Coingecko<\/a>, Shiba Inu is trading at $0.00001070. It\u2019s been down by 2% over the last day but is still up by 7.9% for the past week.<\/p>\n SHIB\u2019s 12-hour chart shows price trend is swinging<\/a> sideways and there is no definite consolidation on a bullish region.<\/p>\n Source: TradingView<\/p>\n The altcoin did manage to increase by up to 10% since October 25 but has suffered price correction over the last few hours.<\/p>\n Its Relative Strength Index (RSI) was leaning towards a bullish movement during that time but the current price movement says otherwise.<\/p>\n If Shiba Inu fails to rebound from this minor price dump, the crypto might find itself on a downward movement once again.<\/p>\n It\u2019s also a surprise that Dogecoin\u2019s momentum is no longer helping SHIB right now considering DOGE witnessed a significant price surge just moments after Tesla CEO Elon Musk took over Twitter.<\/p>\n Frustratingly, Shiba Inu repeatedly tried and eventually failed to build up enough momentum to push its price to higher levels.<\/p>\nShiba Inu Price Chart Hints At Another Price Correction<\/h2>\n
Three Main Hurdles For SHIB<\/h2>\n
\nShiba Inu lost 2% of its value over the last 24 hours
\nThe crypto is still up by almost 8% for the past week<\/p>\nShiba Inu Price Chart Hints At Another Price Correction<\/h2>\n
Three Main Hurdles For SHIB<\/h2>\n