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The Shiba Inu has gained a modest 0.91% after an inflation-induced decline.
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SHIB was the most viewed cryptocurrency in August
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Cryptocurrency $0.000012 . remains unsafe
The Meme Token Shiba Inu SHIB/USD is one that rarely follows the general crypto sentiment. Instead, SHIB has been moved by the retail frenzy and mentions of social media. It’s also likely that SHIB will balloon over any minor fundamentals.
A CoinMarketCap analysis shows that the Shiba Inu was the most viewed cryptocurrency worldwide in August. The interest was tied to a number of projects which are expected to increase the utility of SHIB. One of them is the Shiba Inu Metaverse.
However, the Shiba Inu appears to have been swamped by fears of swift Fed policy action following the inflation data. The cryptocurrency experienced a flash crash which saw it touching the support of $0.0000012. As of press time, SHIB was recovering and was up 0.91% over the past 24 hours. Does SHIB have a chance to make a comeback?
Shiba Inu trades at key support as price breaks inside bar
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Source – TradingView
Technically, the Shiba Inu token has started a bearish break with several inside bars forming support. A breakout suggests that bearish pressure may increase at key levels. Furthermore, the price moved below the moving average, which could offer further resistance. However, SHIB is showing recovery and resisting decline below $0.000012.
closing thoughts
Shiba Inu remains weak in support zone. However, interest in the cryptocurrency could help its recovery at critical make-or-break levels. Currently, we cannot be sure whether there will be a recovery after a bearish breakout of the inside bars at support. We need to watch the price action over the next few days to ascertain the likely direction of SHIB.