Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?

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As a researcher with experience in analyzing cryptocurrency markets, I believe that the current correction in Shiba Inu Coin’s price is a result of both the broader downturn in the crypto markets and the meme coin’s own market dynamics. The significant movement of large quantities of SHIB tokens to exchanges suggests increased sell pressure, which could lead to further declines in the near term.

The coin representing the second-largest meme project in terms of market capitalization according to CoinMarketCap has experienced significant price adjustments over the past day. This shift comes amidst a general trend of decline in cryptocurrency markets. As of now, Shiba Inu Coin is priced at $0.00002148, marking a 2% decrease during US trading hours on Thursday.

As a researcher studying the cryptocurrency market, I’ve observed that the trading volume for Shiba Inu has grown by 1.79% within the past 24 hours, amounting to $765.61 million. Simultaneously, the market capitalization of this digital currency underwent a comparable decrease, shrinking by 1.89%, resulting in a current valuation of around $12.66 billion. With these new figures, Shiba Inu now ranks as the 11th largest cryptocurrency in terms of market value.

Shiba Inu Coin Price Forecast: Is a Recovery on the Horizon?

Over the past month, the meme cryptocurrency SHIB has exhibited sideways trading with a noticeable decrease of around 16% in the previous week. As market corrections set in and bearish sentiments intensified, SHIB currently hovers beneath the $0.000025 resistance mark. Over this period, SHIB experienced an approximate loss of approximately 8%.

Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?

Significant declines have affected other notable cryptocurrencies besides Bitcoin. For instance, Bitcoin’s price fell beneath $70,000, resulting in a 5% decrease over the last seven days. This downward trend for Bitcoin has caused Ethereum and other significant altcoins to experience nearly 9% decreases during this period, mirroring a broader negative pattern across the cryptocurrency market.

Significant shifts in the Shiba Inu token market may be on the horizon based on recent on-chain activity. Notably, large token holders have moved around 4.29 trillion SHIB coins to Coinbase.

5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase
I’ve analyzed the transaction history of the 10 wallets associated with Shiba Inu ($SHIB), and I discovered that there were two distinct periods where large amounts of this cryptocurrency were accumulated. The first accumulation occurred in September 2021, while the second one took place in March 2024. The average purchase price for these tokens was $0.00001309 each. Assuming all the tokens are sold at their current market value, the total profit generated would amount to approximately $41.22 million.
— The Data Nerd (@OnchainDataNerd) June 11, 2024

The significant shift in position indicates a potential rise in selling activity, potentially causing further price drops in the short term. With considerable amounts of SHIB amassing on exchanges, the market prepares for potential repercussions.

Assessing The Meme Coin’s Technical Indicators

At the present moment, the predicted price of Shiba Inu is at a pivotal stage, facing a notable resistance level at $0.000022 due to market instability. Overcoming this barrier could potentially push the price up to $0.000025. Reaching this milestone might create a path towards the $0.00003 mark.

On the flip side, heightened pressure from sellers may drive its value down to as low as $0.000021. A pessimistic turn in market sentiment could push its price even lower to $0.00002. Intensifying bearish trends might solidify a prolonged downturn.

Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?

As an analyst examining the SHIB chart, I’ve noticed that the technical indicators point to a phase of consolidation. Specifically, the Moving Average Convergence Divergence (MACD) indicator is displaying convergence towards the signal line. This signifies a possible deceleration or even reversal in momentum, making it a crucial observation for potential traders.

The MACD line lies beneath the signal line, signaling a weak bullish trend for SHIB. Meanwhile, the Relative Strength Index (RSI) registers at 37, implying that the coin isn’t overbought or oversold currently. This RSI value reflects a neutral market feeling towards SHIB at present.

As a crypto investor, I’m closely monitoring my investments and I notice that most of the oscillators and moving averages on the daily chart are signaling sell signals for me. This could be an indication of an impending downward trend in the cryptocurrency market. Specifically, the 50 Exponential Moving Average (50-EMA) is currently hovering above the 20-Exponential Moving Average (20-EMA), which is a common setup for a potential downtrend. Therefore, I’m considering taking some profits off the table and waiting for a better entry point before making any new investments.

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2024-06-13 16:54