Not surprisingly, Shiba Inu [SHIB] continues to fall today. This follows a 27% drop in a week. At press time, the meme token is down 91% from its November 2021 ATH for the same reason. SHIB needs to recover and mark a 900% rebound if it intends to retrace that level. An impossibl

2024/02/2422:07:32 finance 1053

Not surprisingly, the Shiba Inu [SHIB] continues to fall today. This follows a 27% drop in a week. At press time, the meme token is down 91% from its November 2021 ATH for the same reason.

SHIB needs to recover and mark the 900% rally if it intends to retrace that level.

An impossible miracle?

With the onslaught of bears, SHIB’s chances of a quick recovery look very bleak. At the time of writing, Shiba Inu is trading at $0.00000795, right at the point where most coins reach a dead end. Even so, the meme coin continues to exist only because a large portion of its investors still believe the cryptocurrency is worthwhile.

However, even they are gradually pulling away from their support. Those who are moving their holdings, even if they are not selling them, will face losses anyway.

This month alone, transaction volume exceeded 24 trillion SHIB, worth $192 million. Each of these deals was below the price point at which they were purchased.

Shiba Inu Trading Loss | Source: Santiment – AMBCrypto

Investors are not alone in their recent bouts of FOMO, as the network has also witnessed similar moves by SHIB holders who have held their assets for over a year.

This can be verified by 3,611 trillion days of consumption - the result of investors shifting supply.

Shiba Inu LTH Sales | Source: Santiment – AMBCrypto

Even so, of those holding SHIB, 73k of them are the ones who need this rally the most. Why? Well, because this group of investors bought their assets when the meme coin was trading at an all-time high price of $0.00007929.

So it's clear that they won't see any profits until Shiba Inu climbs 900% on the charts.

Shiba Inu All time higher | Source: Intotheblock – AMBCrypto

Even if investors support rate hikes , broader market cues will remain an obstacle for now. For example, according to price indicators, SHIB is currently in the oversold zone.

Shiba Inu Price Trend | Source: TradingView – AMBCrypto

Furthermore, the positive downtrend as per Parabolic SAR is strengthening. Additionally, the average directional index (ADX) has risen above 40.

If the same situation continues, it won’t be long before SHIB extends the ATH needed rally to over 1000%.

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