While the Bitcoin price fluctuates around $42,000, the Federal Reserve’s statements have diminished optimism. But what is the situation on the Shiba Coin front?
Shiba Coin has been showing a downward trend since January and saw a low level of $0.0000048. However, after four unsuccessful exit attempts, it managed to break the resistance on December 3rd.
Despite the release of Shib magazine’s sixth issue and Shibarium surpassing the 100 million transaction limit, the Shiba Coin price could not be supported by the latest news. The situation does not look good with unsuccessful ventures in the Metaverse, NFT, and DeFi sectors, and a failed layer2 solution.
While Shiba Coin is trying to build its own ecosystem, it may remain in the shadow of new competitors like PEPE and BONK. If these new meme coins maintain interest in 2024, the situation will not be favorable for Shiba Coin.
The six-hour chart’s Elliot wave count indicates a new upward movement. However, BTC‘s failure to allow for the expected large wave growth poses a problem. Shiba Inu is trying to break out of a parallel channel, and a successful exit will confirm the uptrend.