- Shiba Inu expert Lucie is optimistic about SHIB’s potential for a bullish surge driven by the community’s values and democratic ecosystem.
- SHIB’s price has been declining since mid-August and is close to breaching support levels, potentially leading to fresh year-to-date lows.
Amid Shiba Inu’s recent price struggles, a notable figure from the Shiba Inu team has voiced optimism, suggesting that the SHIB token may be on the cusp of a bullish rally. Lucie, the Shiba Inu market specialist, shared her outlook with the community, firmly asserting her belief in SHIB’s potential to lead a significant bull run.
My affirmation: I believe $SHIB will kick off a bull run! 🚀😇
I'm confident because goodness prevails, and $SHIB represents the people. 🫡
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) September 21, 2023
Lucie’s Assurance: SHIB Poised for a Bullish Run
Lucie firmly believes that SHIB is on the brink of a bullish rally in summary. She made this declaration on the X platform, addressing fellow Shiba Inu enthusiasts. Her statement has generated considerable interest and excitement within the Shiba Inu community, as many eagerly anticipate positive market developments that align with the shared values of the SHIB community.
Lucie’s optimism is rooted in her belief that Shiba Inu represents the goodwill and positivity of its community. She confidently stated that she believes in the triumph of goodness, with SHIB symbolizing the people’s collective goodwill and values.
Lucie expanded on her viewpoint regarding Shiba Inu’s community-centric ecosystem as a catalyst for price dynamics. Within this democratic system, where more individuals actively participate, she asserts that substantial price gains are all but certain. Furthermore, Lucie has informed the SHIB community about Shiba Inu’s strategic positioning for the upcoming bull season.
In a recent post on X, she included a GIF that vividly illustrated her vision of Shiba Inu’s trajectory. The animation depicted a consistent pattern of steady price increases, culminating in an explosive surge.
Shiba Inu Price Nears 2023 Lows
However, despite Lucie’s optimism, recent price movements of Shiba Inu paint a different picture. Since mid-August, the meme coin has experienced a downward spiral, with its price inching perilously close to the support line at $0.00000699. Currently trading at $0.000007346, SHIB is precariously close to breaching this critical support level. A breach below this threshold would propel SHIB towards its 2023 low of $0.00000656, a level last seen in June.
If SHIB fails to hold this support, it may set the stage for fresh year-to-date lows. The Relative Strength Index (RSI) signals continued bearish sentiment, with a reading below the neutral threshold of 50.0.
Nevertheless, amidst these challenging market conditions, a glimmer of hope for Shiba Inu’s recovery still exists. Should the token garner support from its investor base, a rebound towards the $0.00000791 resistance level remains plausible. Converting this resistance into a solid support floor would validate the 50-day Exponential Moving Average (EMA). This reliable support line potentially negates the prevailing bearish outlook and opens the door for a recovery rally.
Obstacles on the Path to Recovery
However, the journey to recovery for Shiba Inu faces significant obstacles. A pivotal factor in any cryptocurrency’s recovery is the level of investor involvement. In the case of SHIB, there is a notable lack of motivation among token holders to actively engage with the network. Over the past month, the token has witnessed a daily average transaction volume of just $20 million, underscoring this subdued enthusiasm.
Furthermore, the decline in network growth indicates that new addresses are not emerging, suggesting diminishing interest. The metric measuring network growth has reached a four-month low, a trend that could hinder any potential price resurgence.
Investor Sentiment: A Critical Factor
Another vital aspect to consider is investor sentiment. Approximately 86% of Shiba Inu investors find themselves at a loss, underscoring the formidable challenges ahead. Many participants may be patiently awaiting a recovery to secure profits or offset their losses, potentially contributing to a stagnant atmosphere within the SHIB community.
Additionally, Lucie’s positive outlook for Shiba Inu’s future, driven by its community’s values and democratic nature, unfolds against challenging market conditions. The token’s price has been on a persistent downtrend, and the lack of active engagement and dwindling network growth present formidable challenges to a substantial recovery. While the SHIB community remains hopeful, the path forward remains uncertain, with investors closely monitoring developments in this dynamic cryptocurrency landscape.