Shiba Inu (SHIB) Makes Enormous Comeback as Bitcoin (BTC) Hits $58,000 – Ethereum (ETH) Still Struggles Below $3,000
Shiba Inu (SHIB) has finally entered comeback mode after surpassing the $0.000016 level, despite a significant price drop. The current rate suggests a potential long-term recovery, but it's not time to celebrate just yet. Several factors are contributing to this reversal.
The oversold condition of Shiba Inu is a key factor in the recent surge. When an asset is oversold, its price has dropped too much and too quickly, creating an opportunity for traders to buy. SHIB's oversold status on the RSI made it an attractive bounce buy option.
While there has been a notable technical recovery, these trends are typically short-lived. The broader market retracement has also played a role in Shiba Inu's recovery, as selling pressure has affected various assets in recent days.
The reversal in SHIB's trend coincided with a decrease in whale activity, which helped alleviate selling pressure. With fewer whales in the market, smaller investors have more opportunities to buy inexpensive tokens without the fear of significant sell-offs.
Bitcoin bulls have returned, pushing the value of the digital gold above the $58,000 mark. This positive momentum is a result of a market-wide relief rally that lifted major cryptocurrencies from recent lows. However, the 200 EMA resistance level looms ahead, posing a challenge for Bitcoin's upward trajectory.
Ethereum, on the other hand, is struggling below $3,000 as it lacks significant investor support. The asset's on-chain metrics and market indicators reflect a lack of buying pressure, with declining user engagement and trading volume.
In summary, Shiba Inu is experiencing a significant comeback, Bitcoin is showing positive momentum but faces resistance at $58,000, and Ethereum is struggling due to a lack of investor support. Investors should remain cautious and monitor key levels to make informed decisions about their investments.