Shiba Inu trending upward for several weeks

The Shiba Inu (SHIB) temporarily broke out of the bearish streak that has continued over the past few weeks when the cryptocurrency market rallyed to reclaim its $1 trillion market cap territory on Oct. 25.

• SHIB is up 10% since Oct 25 before the recent price correction
• Shiba Inu has lost 2% value in the last 24 hours
• Cryptocurrencies are up almost 8% over the past week

In doing so, the Dogecoin spin-off crypto was able to reverse a few weeks of a very severe downward trend for the cryptocurrency ranked 14th in terms of market capitalization.

However, SHIB failed to maintain its ascending trajectory and has retreated again in the past 24 hours.

According to press tracking, coin gecko, the Shiba Inu is trading at $0.00001070. He fell 2% the day before, but is still up 7.9% last week.

Shiba Inu price chart shows another price tip

SHIB’s 12-hour chart shows that the price trend is sway Sideways and no clear consolidation in the bullish region.

Source: TradingView

Altcoins have gained up to 10% since Oct. 25, but the price has corrected in the last few hours.

During that time, the Relative Strength Index (RSI) was leaning towards bullish action, but the current price action is not.

If the Shiba Inu fails to recover from this minor price drop, we may find the cryptocurrency trending downwards again.

It’s also surprising that Dogecoin’s momentum hasn’t helped SHIB right now, given that DOGE witnessed a significant price spike shortly after Tesla CEO Elon Musk took over Twitter.

Three hurdles of SHIB

Frustratingly, Shiba Inu tried many times but ultimately failed to build enough momentum to push the price to higher levels.

Experts believe there are three problem It prevents SHIB from getting even one step closer to fulfilling a developer’s dream of flipping Dogecoin.

The first problem is that over 63% of all available SHIB tokens are held by fewer than 10 individuals or as few as 10 wallets that may all be owned by one person, so the circulating supply is still very high. is concentrating on

As the Shiba Inu’s most important use is as a replacement method, the use of the case is still limited at this time. Additionally, there are only 112 merchants accepting altcoins as a payment method.

The asset’s network development roadmap isn’t clear either, and there’s no clear direction as to where it’s headed.

This is probably one of the reasons why investors are moving away from cryptocurrencies and shifting their focus and resources to assets with well-planned pathways that guarantee ROI and profits.

SHIB market cap at $6.41 billion on the daily chart | Featured image from CryptoGlobe, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal knowledge and should not be construed as investment advice.