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Shiba Inu : The Reasons Behind Price Surge and Retracement

Author: Content Editor
The Shiba Inu cryptocurrency has experienced significant growth recently, rising alongside Bitcoin's upward movement. However, it has now started to fall due to various factors. One reason is the presence of resistance at $0.00002230, which has turned into a resistance level after previously acting as support. Additionally, the presence of the 200 daily moving average above the current trading price has added to the retracement. The RSI indicator is also giving an overbought signal, suggesting a need for consolidation or a price correction. However, there is support around $0.00001930 that could prevent further price drops. Around 57% of Shiba Inu investors are currently in profit, while 36% are still in a loss and 7% bought at the current price. The presence of a large number of wallets waiting to enter the profit zone has contributed to the price drop. On the positive side, the Shiba Inu ecosystem has undergone significant developments, including upgrades, a hard fork, and the launch of the K9 mainnet. This has led to an increase in liquidity locked on the Shibarium network. The project team's dedication, the rise in the Shiba burn rate, and the upcoming launch of a stablecoin on Shibarium called SHI provide confidence that the token will continue to rise in popularity, price, and utility.

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