As a seasoned crypto investor with a keen eye for market trends, I’m excited about the impressive gains made by Shiba Inu (SHIB) in the face of a generally sluggish crypto environment. The dog-themed meme coin’s 3.5% increase to $0.00002536 during US business hours is an encouraging sign, especially when you consider its 5.5% surge in seven days and soaring volume of $575 million based on CoinMarketCap data.
Shiba Inu bucked the trend of the lethargic crypto market and recorded significant gains at the start of the week. The meme coin, represented by a dog, saw a 3.5% rise to reach $0.00002536 during regular US trading hours. This increase came on top of a robust 5.5% growth over the past week, fueled by surging trading volume that reached $575 million according to CoinMarketCap data. If the price analysis for Shiba Inu holds above $0.000025, there’s potential for another breakout pushing the coin beyond $0.00003.
What’s Next For Shiba Inu As Crypto Fear And Greed Index Shoots Up
As a researcher examining market trends using Alternative’s data, I’ve observed an upward trajectory in the crypto fear and greed index. This index, which measures market sentiment towards cryptocurrencies, stood at an agreed level of 67 just last month. However, it has since increased to 74, a figure indicative of euphoria among investors.
The cryptocurrency market is renowned for its volatile nature, leading investors to act impulsively. When prices rise steeply, a strong desire to buy, often fueled by the fear of missing out (FOMO), takes over. Conversely, during downturns, people tend to react irrationally and sell their holdings, driven by panic or fear of further losses.
Two opposing market extremes exist: one marked by intense fear where investors express apprehension, and the other, characterized by confidence. For avid investors, such fearful markets can present attractive buying opportunities.
From a different perspective, the increasing greed in the market may signify that the uptrend for Shiba Inu is nearing its end and a correction is imminent. As the price approaches $0.00003, investors should exercise caution since a reversal could be upcoming.
SHIB Price Analysis: Signals From The Technical Structure
Shiba Inu occupies a prominent position above the three bull market signals, which are represented by the 200-day, 50-day, and 20-day Exponential Moving Averages (EMAs) on the chart. The EMAs are denoted by the purple, red, and blue lines.
The MACD indicator has bounced back into positive territory, supporting the bullish trend. If the blue MACD line persists above the red signal line, the market’s direction is likely to continue upward.
If we manage to surmount the initial obstacle at $0.000026, it could trigger a wave of buying from more investors, fueled by fear of missing out (FOMO). This FOMO effect might then propel the price upward, surpassing the $0.00003 mark and bringing the subsequent objective at $0.000035 within reach.
Despite the current price surge, it’s crucial for traders not to disregard the potential risk of a pullback in Shiba Inu’s price. If this happens, selling could be a wise choice. On the other hand, investors can employ dollar cost averaging (DCA) tactics they’ve tested before to buy at lower prices and expand their Shiba Inu holdings.
The European Medicines Agency (EMA) has the ability to offer assistance. Additionally, there are notable resistance areas at $0.000022 and $0.00002 for potential buying pressure. Once sufficient liquidity is amassed, Shiba Inu could be ready for a more robust price surge.
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2024-05-27 16:36