The “meme coin trade” has been taken out back and shot.
The Shiba Inu coin has rallied about 3% during the training session on Thursday as we continue to see the market try to lift itself up off of its back. Because of this, it is possible that we see a little bit of momentum to the outside, but the 50 Day EMA sits just above, and it does suggest that there could be a bit of dynamic resistance. With that in mind, the next bullish sign would be to see Shiba Inu break above the 50 Day EMA on a daily close, allowing for the market to clear a technical barrier.
On Tuesday, we had seen a huge push higher in this ecosystem, so it does make a certain amount of sense that we would see an attempt to do a bit of follow-through here. That being said, the market is more likely than not going to continue to be bullish, because quite frankly the rest of the crypto markets are negative. Shiba Inu has no real use case scenario at the moment, and as a result, this “meme coin” will probably go the way of the dodo given enough time. Yes, I understand there is the Shiba Army out there, but the Army is getting smaller, and quite frankly hasn’t won a battle in a while.
The 200 EMA is near the 0.00002000 area, so therefore I think that at best you would see a pop to that area. After all, if Bitcoin is struggling to find buyers, then Shiba Inu most certainly will as well. This market continues to move to the downside, seeming ready to test the zero level. Whether or not Shiba Inu even exists in another year is a whole different question, but right now I just don’t see how this thing takes. We would need to see massive risk appetite returned to the crypto market, as well as the rest of the world. The market continues to be one that I would avoid, right along with the rest of crypto. Quite frankly, the smaller coins are in the process of disappearing, and at this point, it’s unknown as to which ones actually will survive. The next year is going to be very crucial for these markets, so pay close attention. The “meme coin trade” has been taken out back and shot.
