Shiba Inu: Why staying away from SHIB might prove to be more profitable

ambcrypto.com:

Shiba Inu, the once top dog of the cryptocurrency market – the one dog which was even able to surpass Dogecoin, albeit briefly has become quite silent. Even with a slew of announcements on the way, its bark hasn’t been the loudest. Price action doesn’t seem to take note of over three million (ardent) followers on Twitter, and a hyped-up launch of its own metaverse that is on the way.

— Shib (@Shibtoken) March 30, 2022

SHIB‘s chart can be described as boring at best. It has been stuck in a wide consolidation zone over the past three months and seems like it is in no mood to really wake up from its nap. Technically, there’s nothing much to infer except the crucial support and resistance zones that can make or break its future price trajectory.

SHIB/USDT | Source: Tradingview

$0.000034 would serve as a crucial resistance while $0.000019 would serve as support which has held strong in several earlier instances. Currently trading just shy of the 50 DMA, it looks like investors and traders do not have a lot of faith in this particular coin. It can also be noted that during the broader market recovery towards the end of March 2022, Shiba Inu wasn’t affected in any way.

Secondly, in line with the boring charts, on-chain volumes have been rather saddening too. Gone are the days when Shiba Inu used to be the talk of the town and the ‘moon’ used to be the only target it looked at. The moon seems like a lifetime away now.

On-chain volumes | Source: Santiment

Network growth for Shiba Inu has also been