Shiba Inu: A ‘millionaire’s’ bet against long-term uncertainty?
The greatest war is the war of perception. And, Shiba Inu seems to have won it, at least for the moment. Notably, SHIB has appreciated 1000x over the last year. However, the meme token hasn’t seen a lot of smooth sailing, especially of late.
After the Ukraine-Russia conflict broke out, SHIB tumbled down the charts. Even so, it’s intriguing to note that SHIB’s move south looked less affected when compared to the general market.
Now, Shiberse could be one of the reasons. On 25 February, Shiba Inu announced the launch of 99,000 digital plots of land in its metaverse. This excited many in the Shiba Inu community, bringing a ray of hope amid the market downturn.
For some traders, it’s nothing less than a gamble to ‘buy the dip.’ Alas, a huge chunk of retail traders has been sharing the same sentiment. Well, the near-term price trajectory of SHIB has to be the reason behind it. At the time of writing, the meme coin was changing hands at $0.00002405, down by 1.07% over the last day. Currently, traders who bought the dip in late January and decided to HODL might find themselves at war with their intuition.
Bears seem to have taken command while the coin is putting up a brave fight to break through its seven-day-long resistance at $0.00002713. If demand kicks in, the bulls may push up high to test $0.00003554 in the days to come. The probability of which can’t be relied on since RSI looked saturated on the 47-mark, at the time of this analysis.
And, MACD seemed up for a bearish divergence. However, amidst this bearish chaos, it’s important to note that SHIB’s long-term future prospects have profit-seeking opportunities. Something that traders and investors have been looking out for. Well, while price charts are yet to reveal latent
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