Shiba Inu Traders Fear Major Price Reversal Amid Price Surge

Shiba Inu (SHIB) continues to set the crypto world on fire with its huge market cap and bullish trading position. In detail, SHIB right now ranks along with the leading crypto assets in the top ten cryptocurrencies provided by CoinGecko. Indeed, this achievement by SHIB catches the attention of investors around the world.

However, this position of the crypto also worries some of its communities in the crypto world. In particular, traders fear that history might repeat itself when SHIB plummeted its price after the great price pump it did in the month of May to June.

The graph above shows the price comparison of SHIB in June and in November. It is seen that in May the price of SHIB suffered heavily after its price surge. The price of SHIB declined to almost -90%  — a price position that made most of the SHIB holders cry.

Meanwhile, the graph also displays the current price position of SHIB, taking the same pattern as what it did in May. As a result, traders and investors are now worrying that SHIB might take the same path as it did before. Truly, this is something that could cause FUD in the SHIB network.

However, SHIB nowadays is building a lot of great technology on its network. From a meme coin, the network is slowly but surely transforming its network to have real use cases that its holders worldwide can use. Through this, we can say that there is a big chance that the crypto might invite more investors to its platform and maintain its bullish position.

At the time of writing, Shiba Inu (SHIB) trades at a bullish price of $0.00005698 with a huge market cap of over $31 billion.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

Source: https://coinquora.com/shiba-inu-traders-fear-major-price-reversal-amid-price-surge/