As an experienced analyst, I believe that Shiba Inu’s price action suggests a period of pain before potential profits. The recent uptick in SHIB‘s price is a welcome relief after the coin was heavily affected by Bitcoin’s crash in June. However, the technical indicators show that SHIB is still trending below its key moving averages and facing resistance at the 21-day SMA.
Analyzing Shiba Inu‘s price movement: The value of SHIB rose by 0.7% over the past 24 hours, reaching approximately $0.00001669 during European trading sessions on a Wednesday. This price hike transpired due to the broader market surge following Bitcoin‘s price rebound. Shiba Inu experienced significant volatility when Bitcoin underwent a substantial price decline.
Shiba Inu Price Analysis: Hints Pain Before Profit
On June 14, SHIB‘s price burst through the descending triangle it had been trapped in, reaching a low of $0.00001266. However, with the market as a whole bouncing back, the meme currency has since risen by 32% from its most recent minimum.
The current price trend of Shiba Inu coins is sitting beneath the 2-day, 50-day, and 200-day simple moving averages. This situation isn’t favorable for the asset as it indicates a bearish market condition. A significant price reversal may occur only after filling the imbalance zone just below the recent lows.
The SHIB token’s price behavior is currently close to its 21-day simple moving average (SMA), which has served as a hindrance to price increases over the previous 33 days. Once this barrier is surpassed, there’s potential for the price to climb towards the congested region of the 200-day and 50-day SMAs. This analysis implies that $0.0000168 to $0.0000195 could be a challenging resistance level for SHIB’s price movement. Overcoming this hurdle may lead to a significant price increase, potentially reaching $0.0000336. Additionally, there may be occasional resistance around $0.0000236 and $0.00002998.
As an analyst, I would interpret the fair value gap (FVG) of approximately $0.000011 in Shiba Inu (SHIB) as a pricing discrepancy between the market and the asset’s intrinsic worth. To bridge this gap, SHIB might need to experience a 30% price decrease from its present level. Nonetheless, overcoming this imbalance zone as soon as possible would enable SHIB to resume its upward trajectory. Keep a close eye on the significant support level at $0.00001361.
Technical Indicators Show Growing Bullish Strength for SHIB Price
With an RSI of 44.4 on the rise, it seems market players hold a bullish stance, potentially pushing prices even higher. However, it’s important to note that the RSI hasn’t yet surpassed the middle point – a significant milestone for validating a bullish trend’s firmness.
As a financial analyst, I’ve been closely monitoring the Chaikin Money Flow (CMF). Recently, I noticed an intriguing development – the CMF has surpassed the zero line. This signifies that buying pressure is currently outpacing selling pressure in the market, implying a potential shift in trend towards bullish territory.
As a researcher exploring the current market landscape, I’d highlight that Shiba Inu stands out due to its persistent token burn mechanism and the expanding Shibarium ecosystem.
Moving forward, the pseudonymous Shiba Inu project leader, known as “Shytoshi Kusama,” has announced his intention to step down from the role.
Here’s a suggestion for paraphrasing the given text in a clear and conversational style:
— Shytoshi Kusama (@ShytoshiKusama) July 9, 2024
He indicated his intention to relinquish control over the project and retreat into the background, much like his forerunner and Shiba Inu’s founder, Ryoshi, had done before him.
Bottom Line
As a researcher studying the price trends of Shiba Inu, I’ve noticed some challenging times ahead for this popular meme coin. The markets might experience short-term volatility and downward pressure before any substantial upward movement takes place. This phase could put investors’ resolve to the test, potentially leading to a recovery and profitable opportunities afterwards.
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2024-07-10 11:44