As a seasoned crypto investor, I’ve seen my fair share of market volatility and trends. The recent meme coin surge, followed by the subsequent corrections in top names like Dogecoin and Shiba Inu, has got me intrigued. While the broader market recovery could potentially lead to a quick reversal rally for these coins, I’m cautiously optimistic about Shiba Inu’s price analysis.
As an analyst, I’ve been closely monitoring the cryptocurrency market, and the buzz around Bitcoin reaching $60,000 and Ethereum‘s potential ETF listing has undeniably created a ripple effect. Meme coins, such as Dogecoin and Shiba Inu, have experienced a surge in momentum as a result. However, a correction phase is currently underway for the top names, raising questions about their price trends.
Shiba Inu Price Analysis: SHIB Faces Downward Trend Below 200-Day EMA
The second largest meme cryptocurrency, Shiba Inu, is exhibiting a noticeable decrease, dipping beneath its 200-day moving average. After a strong uptrend in late February, this coin has experienced a correction, resulting in a channel pattern on the daily chart.
Normally, the relationship between two descending trendlines on this chart suggests a consistent decrease in the Shib price. Nonetheless, trends are subject to change, and there are indications that the Shib price is preparing to escape this pattern.
As a crypto investor, I’ve noticed that SHIB has experienced a significant drop in value over the last month, decreasing by around 22%. This correction has brought the 50-day and 200-day moving averages (MA) dangerously close to forming a bearish death cross signal. At the moment, SHIB is priced at $0.0000172, showing an intraday gain of 4.4%. Its current market capitalization stands tall at $10.14 billion.
Based on Shibburn’s figures, there has been a remarkable surge in coin burning, amounting to a 325% increase in the past 24 hours. The majority of this rise can be attributed to the elimination from circulation of approximately 2.87 million tokens.
In the larger context of the market’s rebound, Shiba Inu’s price trend indicates the start of a fresh bull run, registering a 14.8% increase in the past seven days.
As a crypto investor, I’m excited about the current bull cycle and the potential growth of Shiba Inu. The price is currently approaching an important trendline around $0.00002. If we see a strong breakout above this level, buyers could be enticed to push the price even higher towards $0.00003. Should that resistance be breached, the coin might reach its next significant target at $0.0000456.
The bearish trendline and the upcoming death cross indicator serve as warnings for a potential prolonged price decline.
Technical Indicator:
- Moving Average Convergence Divergence: With a bullish reversal, the MACD (blue) and signal lines (orange) approach the zero line, and the positive histograms are on the rise.
- Exponential Moving Average: A potential bearish crossover between the 50D and 200D EMA is considered a major sell signal and could bolster the seller’s influence to prolong the current correction trend.
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2024-07-13 21:52