Shiba Inu, a leading meme coin, is currently facing a prolonged downtrend and struggling to recover. The lack of upward momentum is causing concern among holders and potential investors. The adoption rate for Shiba Inu has dropped to a four-year low, reflecting waning interest in the token. The lack of strong incentives and stagnant price action have contributed to the struggles. The MVRV Long/Short Difference indicator shows that both long-term and short-term holders are not experiencing significant gains, further hindering price recovery. The future trajectory of Shiba Inu's price is uncertain, with potential for further decline unless there is a significant shift in market conditions. If the current drawdown continues, the token could test a crucial support level, while breaching and flipping a resistance level could initiate a rally and attract investor interest. The chances of recovery depend on market conditions and investor sentiment.



Other News from Today