The largest meme token Shiba Inu has failed to reach a new all-time high in the current cycle, experiencing a significant drop since December 2023. However, some technical indicators suggest a potential rebound soon.
Market Dynamics Before US Elections
The second-largest meme coin Shiba Inu showed sluggish performance ahead of the US elections, with its price stuck in a range between $0.000014 and $0.00002 for weeks.
Post-election and December Peak
Following the US elections and Trump's victory, SHIB surged to a multi-month high of just over $0.0003. At the start of the current month, the asset went on the offensive again, peaking at $0.0000335 on December 8. However, the price started to decline sharply shortly afterward, especially following the latest FOMC meeting.
Technical Indicators and Forecasts
Current data from popular analyst Ali Martinez shows a potential rebound to $0.000029, based on the TD Sequential indicator, which also identified local bottoms for DOGE and BTC.
Despite recent downturns, Shiba Inu has the potential for recovery, thanks to technical indicators pointing to a possible rebound in the near term.
