As a researcher with experience in cryptocurrency analysis, I find the current market trend intriguing, particularly the potential bullish run of Shiba Inu Coin (SHIB). The price action suggests a strong reversal from the recent downtrend, and the RSI rebound indicates growing buyer interest.
According to market information from CoinMarketCap, the easiest route for numerous cryptocurrencies is inclining upward. Following its plunge close to $60,000 in liquidity, Bitcoin (BTC) price has rebounded above $62,000. Moreover, Shiba Inu Coin’s price analysis indicates that buyers are taking control, leading to a potential surge this week and surpassing the $0.00003 mark. This trend is particularly significant as meme coins like SHIB gain traction amid uncertainty in Bitcoin and other significant altcoins’ prices.
Shiba Inu Coin Price Analysis As The Journey To $0.0001 Begins
Amidst the uncertainty in the cryptocurrency market, there’s renewed interest from investors in popular meme coins such as Shiba Inu and Dogecoin. These coins have gained traction as potential alternatives for those looking to diversify their portfolios and steer clear of the prolonged slump affecting Bitcoin.
As a researcher studying the cryptocurrency market, I discovered that Shiba Inu Coin experienced a significant rise on Monday, jumping by 4% to reach a price of $0.00002341. This uptick was primarily fueled by an impressive 162% surge in trading volume within the last 24 hours, which reached a substantial $475 million. Furthermore, the market capitalization of Shiba Inu Coin saw a noteworthy increase by 5%, now standing at a robust $13.8 billion. These developments suggest a newfound bullish momentum for this digital currency.
The meme coin ranked second in size is showing signs of significant price growth. This trend is evidenced by the RSI’s bounce back, now at 54 and moving closer to being overbought.
The upward trend of SHIB was reinforced when buyers successfully regained control over the price levels previously defended by the 20-day Exponential Moving Average (EMA) and the 50-day EMA, as depicted by the blue and red lines on the graph.
As a researcher studying the cryptocurrency market, I’m observing the behavior of Shiba Inu regarding its current downward trend line resistance. Should it exhibit a robust bullish response, this will be substantiated by surpassing the 200-day Exponential Moving Average (represented by the purple line).
The gray band on the graph signifies where Shiba Inu initially found support. If this level is maintained, it will make it simpler for bulls to drive the predicted surge towards at least $0.000028 by week’s end and above $0.00003 before June.
Traders need to keep in mind that if the gray area succumbs to sell-side pressure, Shiba Inu’s price could drop and find support and liquidity at lower levels. These levels may include the 50-day moving average, the 20-day moving average, and, as a last resort, the red band support around $0.000021.
As a long-term investor in Shiba Inu, I understand the importance of ignoring short-term market fluctuations. However, it’s crucial for me to stay vigilant and utilize dollar-cost averaging strategies. This approach enables me to purchase tokens at lower prices consistently, thereby enhancing my overall returns.
If the anticipated jump beyond $0.00003 proves true, it could serve as a significant catalyst for the market, potentially sparking fear of missing out (FOMO) among investors in meme coins, thereby propelling SHIB to surpass its previous record high and reach new heights above $0.0001.
Assessing SHIB’s Fundamental Position
As an analyst studying the Blockchain data from IntoTheBlock (ITB), I’ve noticed a significant increase in potential selling pressure as Shiba Inu recovers. Specifically, there is a large group of around 16,000 addresses that purchased approximately 38.66 trillion SHIB at the price level of $0.000025. This congested seller region could potentially impede the rally towards $0.00003 and even cause a breakout to $0.000021.
As a crypto investor, I can tell you that according to the IOMAP (Order Book Map) model, the green circles indicate that Shiba Inu’s price is resting on rather fragile support levels. If selling pressure intensifies significantly, there’s a risk that SHIB may dip down to revisit the $0.00002 mark before any prospects of a substantial bounce-back emerge.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- GLM PREDICTION. GLM cryptocurrency
- USD MYR PREDICTION
- BCH PREDICTION. BCH cryptocurrency
- USD JPY PREDICTION
- DEGEN PREDICTION. DEGEN cryptocurrency
2024-05-13 16:08