shiba inus [SHIB] holders need these tips to get through the crypto winter

A man walks out into the pouring rain with nothing to protect him. Her hair doesn’t get wet. How does he do that?

Well, the answer to this riddle is in the article itself – it takes patience and faith to get to this point. Likewise, Shiba Inu owners must respect the law of HODLing. And, believe in market conditions to maximize their returns.

The canine token market saw a majority of weak hands leave when the redistribution event was at its best. In fact, at the time of writing, 75% of SHIB holders are in losses, with the crypto winter taking center stage.

Not to the surprise of investors, various partnerships failed to lift the token up the price chart. At press time, the token was trading at $0.00001073, with an appreciation of 1% over the past day.

Is it an expensive look?

Zooming in on the 1-day chart a bit can give positional/swing traders a clear picture. Since January 2022, SHIB has been trading in the range of $0.00003925 to $0.00001079. Unless the bulls turn $0.00003925 into support, investors should not expect their portfolio to perform well.

Nevertheless, swing traders and intraday traders will have huge opportunities even if SHIB continues its range moves in the coming weeks. A proper trading system with strong psychology can guarantee success provided that stop losses are respected and the target price is not taken for granted.

However, traders who were waiting for SHIB to enter a bullish cycle may refrain from taking a long position since the indicators seem very bias towards the bears. The RSI for the past two weeks has rested in the oversold region. And, MACD explicitly hinted at the bearish momentum. Interestingly enough, the width of the Bollinger Bands (BB) shows that volatility has taken a sabbatical.

Source: TradingView, SHIB/USD

Now, if your risk appetite is that of an amateur trader, looking at market cap and volume will help you analyze your entry points. Even though volume increased at irregular intervals after April 13, market capital continued to follow gravity. This certainly cannot be a good sign for traders looking to make a quick buck.

Source: Santiment

Moreover, it is a well-known fact that in trading, “psychology” plays an important role. It has faith as its main component. Looking at the social volume metric of the token, one can clearly understand that on April 21, investors showed huge interest in SHIB, perhaps thinking that the price will appreciate. In fact, the social dominance of the meme token that day was 5.79%. But, as the volume dwindled, SHIB failed to impress its investors.

Source: Santiment

Overall, the state of the SHIB ecosystem seems depressed at the moment. Unless the king coin recovers from its bearish slumber, SHIB cannot be expected to paraglide since SHIB’s correlation with Bitcoin, at press time, was 0.98.

Now, to answer the riddle, in the same way that SHIB’s price charts give bald statements, ‘the man’ was also bald.

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