Shiba Inu (SHIB) Reaches New High, but Sharp Reversal Leaves Traders on Edge

Shiba Inu (SHIB) saw its price skyrocket by 5% as bulls took charge, only for a sharp reversal to leave traders on edge, wondering if more volatility is on the horizon.

SHIB’s price showed an interesting new development on the price chart, as the meme-inspired cryptocurrency rallied by 5% to reach a high of $0.0000147. This marks the highest price SHIB has seen in the last eight days.

The rally saw a spike in trading volume, indicating strong buying activity at the time. However, SHIB’s price later retraced those gains, even falling below the opening price of the day, leaving a massive wick on the daily price chart.

This wick, which shows the highest and lowest points of the day, now begs the question, especially with SHIB’s price now trading at a loss for the day. A key question that arises from this is whether or not SHIB will continue to drop or if it will see another pump and dump.

As it stands, a large number of investors, or perhaps a few large investors, are buying SHIB today, causing the price to rally. This shows that there are buyers who are interested in purchasing the Shiba Inu token at its current price on the one hand. On the other hand, the quick pump and dump could indicate that SHIB’s order block is thin and susceptible to further volatility.

This could lead to erratic price movements for SHIB, making it difficult to predict how SHIB’s price will move in the coming hours.

The above is the detailed content of Shiba Inu (SHIB) Reaches New High, but Sharp Reversal Leaves Traders on Edge. For more information, please follow other related articles on the PHP Chinese website!