This Is Why Hoping for a 263% Rally for Shiba Inu (SHIB) Is Pointless

Key Insights:

• Shiba Inu’s recovery to mark a new all-time high will not be happening in the near future.
• The bearishness faced by SHIB will continue to keep investors away.
• Shiba Inu’s Metaverse hasn’t seen a great deal of hype either.

Shiba Inu is that one cryptocurrency that no one wants to talk about yet won’t stop talking about. Building its reputation on its volatility, the coin is proof that not everything that glitters is Gold.

But words only matter so much as investors and the community believes actual statistics, and well, they seem to agree with that opinion.

Shiba Inu Fails Again

The altcoin has been switching patterns of price movement from declining to consolidation, but since the beginning of the year, one thing it certainly has not done is make progress.

Riding high on its 1047% rally of November 2021, SHIB managed to mark a ridiculous all-time high of $0.00007929. Since then, the descent hasn’t stopped.

Down by 68.87%, SHIB is currently trading at $0.00002492, far away from seeing the face of a new all-time high. In order to do so, the meme coin will have to mark a rally of 263%, which is undoubtedly out of the question by the looks of it.

Even in a shorter time frame, the coin displays no signs of green candles. The 50 days Simple Moving Average (SMA) is close to being flipped into resistance, and the 100 days SMA never really left that position.

The parabolic SAR, although painting an uptrend, managed to do nothing but save the coin from noting yearly lows.

Soon the white dots that sit underneath the candles will shift their position and move back up above it, which will confirm the downtrend consolidation that SHIB has become familiar with.

The Ones That Hurt the Most

While a lot of investors are suffering losses, 74.94k investors holding SHIB are the ones that have it the worse at the moment. These people bought their holdings around the time when SHIB was at its highest.

Since then, these 74.94k investors have known nothing but loss, and they are also the ones hoping for a 263% rally out of the meme coin.

Given the fact that this is crypto and that nothing is predictable, calling the possibility of a new ATH impossible would be incorrect, but in the case of Shiba Inu, it seems highly unlikely for now.