As a seasoned crypto investor with a knack for spotting trends amidst market turbulence, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). After weathering numerous crypto winters and riding the bullish waves of several market cycles, I’ve learned to read between the lines and decipher the underlying sentiment.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed significant advancements in Shiba Inu (SHIB), amidst the gloomy backdrop pervading the crypto market. The price trajectory of SHIB, unfortunately, seems to be mirroring a grim scenario, leaving investors eagerly anticipating a much-needed turnaround. However, there’s a hint that sentiment might gradually change in the ensuing days.
Today, according to CoinGlass, the trading volume of SHIB over the past 24 hours has experienced a significant surge. It skyrocketed by 56.12% and reached an impressive level of $100.02 million. This recent increase in activity has sparked optimism among Shiba Inu coin supporters, who have been eagerly anticipating a price increase from the meme coin.
Significantly, there’s a surge in Shiba Inu (SHIB) trading on significant crypto platforms. The figures show that OKX handles about $51.73 million, BingX manages $18.32 million, CoinEx deals with $11.86 million, and Bitget trades $6.51 million, among others. This suggests a growing interest in the well-known meme coin from investors. Furthermore, it seems that they are now purchasing during price drops, also known as “buying the dips.”
What does it mean for Shiba Inu’s price?
As I write this, the value of SHIB has dropped by 3.57% to $0.00001589 within the last 24 hours. Over the past month, it has experienced a more substantial decline of 7.25%. These numbers suggest a bearish trend in the market, indicating that the Shiba Inu price is currently consolidating.
However, the rising trading activity suggests that market sentiment may be shifting from this point. Moreover, one major indicator suggests that a bull run may be on the horizon. Per TradingView, the RSI of Shiba Inu is at the 38.98 level. It should be noted that an RSI level around the 40 mark reflects neutral sentiment.
In other words, this situation indicates a slight shift in favor of the buyers (bulls). When the RSI falls within this range, it usually signifies that the coin has confirmed its support level and could be on track towards an uptrend. Therefore, there’s hope for SHIB as the market might soon experience a reversal.
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2024-08-01 15:33