Crypto Traders Believe Hike in Shiba Inu-Based Meme Coins Is Unsustainable

Azeez Mustapha


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Despite an amazing rate of price growth for Shiba Inus, market sentiment is turning unfavorable. The CEO of Flowdesk claims that during a bull run, a regular order is always noticed. The BTC surge usually comes first, then altcoins, and then the meme coins.

Moreover, the head of strategy at Sent Labs said that meme coins are relatively new to the cryptocurrency market when it comes to sentimental analysis. He continued by saying that the sudden increase in value of meme coins like Shiba Inu is always a temporary phenomenon since it is unsustainable.

Key Shiba Inu Levels To Watch – April 6

TradingView Chart

Since the fakeout and retest of the $0.00001400 resistance, the direction of the market’s order flow has been bearish. The price kept falling until it formed a head-and-shoulders pattern. As of right now, prices fall between $0.00001590 and $0.00000960.

Price turned lower after the Head and Shoulders pattern was formed. Once the formation is complete, a breakout through the neckline is probable. The price is expected to invalidate every support level until the premium is reached.

Shiba Inu Key Levels

Resistance Levels: $0.000017940, $0.000015900, $0.000013990
Support Levels: $0.00001020, $0.000009640, $0.000007790

Total Market Capitalization: $1.19T 
Shiba Inu Market Capitalization: $6.53B
Shiba Inu Volume: $0.20B
Market Rank: #14

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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