As a seasoned crypto investor with years of rollercoaster rides under my belt, I can’t help but feel a mix of excitement and caution when it comes to Shiba Inu (SHIB). The token’s recent surge, sparked by Keith Gill’s unexpected return to social media, has certainly grabbed the attention of many, including myself. However, I’ve learned the hard way that in the world of cryptos, a cat can look at a blockchain and still have seven lives!
In more straightforward terms: Over the past few trading periods, there’s been a modest uptick in the value of Shiba Inu (SHIB), a well-known meme cryptocurrency. However, this currency still encounters difficulties in sustaining growth. At present, it’s hovering near an important support point. The fact that SHIB has had trouble regaining its footing mirrors a widespread pattern observed in many other meme coins and alternative cryptocurrencies.
Shiba Inu Price Gains as Keith Gill Resurfaces
Keith Gill, more commonly known as “Roaring Kitty,” has ignited a substantial surge in the price of a digital currency themed around dogs after his sudden reappearance on social media platforms.
On September 6th, Gill, known for sparking the GameStop stock trading craze, broke his two-month silence by posting about the Solana-based meme coin, Chewy, in a Reddit X post. This action led to an increase in the value of Shiba Inu and other meme stocks.
— Roaring Kitty (@TheRoaringKitty) September 6, 2024
Observers in the financial world are buzzing once again due to “Roaring Kitty” returning to his online activities. This has been advantageous for his followers and fans of meme stocks. His recent cryptic statement has sparked renewed interest and conjecture, causing a significant rise in the value of meme stocks.
SHIB Price Surge: Start of New Rally?
In the last day, the price of Shiba Inu has been climbing, showing a positive or bullish trend. Currently, during U.S. market hours, the SHIB price is at around $0.00001319, which represents a 1.63% rise.
As a researcher, I’ve been tracking the performance of the meme coin, known for its dramatic price swings. After dipping to $0.00001286 within a 24-hour period, it surprisingly surged to a high of $0.00001325. This digital asset has been under close scrutiny by investors and traders alike due to its continuous advancements in the ever-evolving cryptocurrency market.
On Binance‘s 4-hour chart for Shiba Inu, there appears to be a divided opinion among traders, as evidenced by the technical analysis. Specifically, the Moving Average Convergence Divergence (MACD) is narrowing, which means that the blue MACD line and the orange signal line are getting closer together, implying a decrease in momentum during the recent downtrend. This could be an indication of reduced selling pressure, as suggested by the histogram showing smaller bars.
Recent data from Santiment shows an intriguing correlation between Shiba Inu prices and whale transaction activities. In March, SHIB’s price exhibited a steady upward trend, culminating in a significant peak by late June. Concurrently, whale transactions, representing large-scale investments, spiked and aligned with the price surge.
The surge in whale transactions indicates robust investor enthusiasm from significant players, possibly hinting at a positive market trend. Since the whale activities have settled at a reduced rate, Shiba Inu’s price appears to have established a new foundation for support. This could indicate a period of consolidation preceding an anticipated uptrend.
A significant increase in buying activity might propel the Shiba Inu price beyond its current resistance of around 0.000015 USD, given a positive trend. If this uptrend persists, the cryptocurrency could attain new peaks at approximately 0.000017 USD and potentially 0.00002 USD. Sustained momentum in this upward movement might even lead to the meme coin reaching as high as 1 USD during the next major market upswing.
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2024-09-09 15:24