- SHIB and ETH technical charts pinpoint a short-term rebound likeability.
- Mild panic grips Shiba Inu, Ethereum & SushiSwap crypto investors.
- SHIB lead dev Shytoshi sends a mysterious message to the SHIB Army.
The windy squall of the ongoing crypto winter has slashed the prices of most altcoins, triggering a change in altcoin investor behavior. Three days ago, blockchain analysis enterprise Santiment unveiled that investors of such alternative currencies like Shiba Inu (SHIB), Ether (ETH), and SushiSwap (SUSHI) are going through a rough patch.
In the tweet, Santiment disclosed that crypto holders have been cashing out at a deficit, causing mild panic among network users. However, the graph also pinpoints this scenario to be a historical groundwork for a short-term rebound rally, as on-chain capitulation signals often mark the bottom price.
Bark of Peace by Kusama Amid SHIB Price Stagnation
Since the analysis conducted by Santiment, Shiba Inu’s market price continued to trade in phased consolidation. At press time, the #19 ranked canine coin is changing hands at $0.00000691, according to CoinGecko. Sliding further by another 4.20% in the last 24 hours, SHIB’s deficit now sums up to 8.4% in weekly terms.
SHIB flopped below the crucial resistance at $0.000007 for the first time since mid-July, 2023, which bottomed out at $0.00000657, later sending it to a yearly high in August.
However, the on-chain signals turned bearish for Shiba Inu due to the coin failing to maintain the hallmark resistance at $0.000008 since August. The descending parallel channel for Shiba Inu’s price continued throughout the month, causing a 9.4% drop in the last 30 days.
Shiba Inu’s lead dev, Shytoshi Kusama, thanked the enthusiastic community, hinting at a new major product in a matter of weeks.
Kusama also discussed the sensitive issue of the atrocious attack on Israel by Hamas. He concluded that the SHIB Army is “a community that wishes to bring a positive change to the world” and encouraged Shiba Inu fans to spread the message of light across the globe.
On the Flipside
- The last four short-term bull runs for $SHIB ended around $0.00000755, while anything above the price range was last touched in August on Shibarium’s launch.
- This price movement for $SHIB has raised eyebrows among crypto investors, who expected a pump once the Shibarium Layer-2 mainnet took off.
- While Shibarium L2’s public launch in August skyrocketed SHIB to $0.00001071, the 35% gains were not sustained, with a full reversal two weeks later.
Why This Matters
Drawing historical parallels between crypto price movements and investor behavior shows the cryptocurrency’s volatility and resilience characteristics.
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