Can Shiba Inu Price Reach $0.00002 As $48 Million Moves from Robinhood

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As a seasoned cryptocurrency analyst with extensive experience tracking the Shiba Inu price movements, I find it intriguing to see the token regain momentum following the recent market rebound. With my fingers on the pulse of the crypto world, I have closely observed SHIB‘s volatile swings over the past few days.

Over the last 24 hours, the cost of Shiba Inu has risen due to a modest market recovery. At present, the token sits above $0.00001782, suggesting an upward price movement.

At the given moment of reporting, SHIB‘s price stands at $0.00001782 with a notable increase of 5% transpiring during the European trading hours, based on CoinMarketCap statistics. The market capitalization is estimated to be around $10 billion, positioning it as the 13th largest cryptocurrency in terms of market size. Notably, the trading volume has witnessed a substantial decline, dropping by nearly 55% to roughly $474 million.

Shiba Inu Price Sees a Notable Increase Amid Market Rebound

Shiba Inu, the widely-used meme coin, has exhibited a volatile trading pattern over the last 24 hours, with prices ranging between $0.00001705 and $0.00001815. This market instability is part of a larger trend in the cryptocurrency sector. Over the past week, SHIB has experienced a 5% price growth, indicating growing investor attention.

Starting on July 18, 2024, there was a noteworthy decrease in the coin’s price, reaching its lowest point momentarily. However, since then, it has rebounded, showing signs of recovery with an upward trend. This latest price movement aligns with the larger pattern of volatility observed throughout the month.

During the last month, the cost of Shiba Inu tokens decreased by around 4%. This decline mirrors a larger trend in the cryptocurrency market as a whole. Yet, despite this market setback, Shiba Inu has demonstrated strength and is now looking forward to further growth.

Major Whale Transactions Signal a Bullish Sentiment for SHIB

Based on Whale Alert’s report, a massive transaction involving 2.7 trillion SHIB tokens, equivalent to around $48 million, was recently conducted. This transfer took place from Robinhood to an unidentified wallet. This notable shift in the cryptocurrency market is particularly intriguing given the prevailing bullish sentiment currently shaping the digital currency sector.

2,700,000,000,000 #SHIB (48,343,500 USD) transferred from #Robinhood to unknown wallet
— Whale Alert (@whale_alert) July 19, 2024

The SHIB price is at a crucial juncture in the market’s ongoing recovery, sitting just above the significant resistance of $0.000018. Breaking through this barrier could potentially push the coin’s value up to $0.00002. If the positive trend persists, the price surge might even reach $0.00003.

Is a Climb to $0.00002 soon?

If Shiba Inu’s price is unable to surpass this level, there is a risk that the price may fall to the support of $0.000017. A pessimistic turn in investor sentiment could potentially push it down even lower, towards $0.000018. In more unfavorable market circumstances, Shiba Inu’s price could potentially drop below the $0.000017 support level.

Can Shiba Inu Price Reach $0.00002 As $48 Million Moves from Robinhood

In simpler terms, the Shiba Inu’s technical indicators indicate a fluctuating market condition. The MACD indicator reveals a weakening trend with the MACD line moving beneath the signal line, signaling a potential downward trend. Additionally, the bars change color from green to red and expand below the baseline, reflecting increasing bearishness.

In simpler terms, with an RSI of 48, the market might be displaying bearish tendencies as this value is less than the neutral level of 50.

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2024-07-20 15:20