The price of Shiba Inu (SHIB), a well-known meme coin, has experienced a notable improvement in the market recently, with a powerful upward swing observed over the last 24 hours. This trend has pushed SHIB past the previous resistance point of $0.000028, indicating a strong bullish momentum despite market instability.
Shiba Inu Coin Price Prediction: Anticipating the Next Resistance Breakthrough
Over the last several hours, the value of Shiba Inu on the cryptocurrency market has experienced noticeable ups and downs. It dipped to a low of $0.0000274 before suddenly surging to a high of $0.0000294. Unfortunately, this upward trend didn’t last long, and the price corrected itself, landing at a current value of $0.00002855.
In spite of the market instability, there was a significant increase of 31.59% in trading activity, suggesting stronger investor appetite, resulting in a substantial $752.92 million worth of transactions within the previous day.
Shiba Inu’s market capitalization decreased by 0.68% or about $113 million, resulting in a current value of around $16.82 billion. This decrease didn’t affect its ranking among the top cryptocurrencies, as it still holds the 12th position. The circulating supply of SHIB remains high at 589.29 trillion coins, with a total supply that’s not far off from this number.
Interested investors and supporters of meme cryptocurrencies stay alert as events unfold rapidly, showcasing the volatile and sometimes unforeseeable character of the cryptocurrency industry.
In the last seven days, SHIB experienced a modest rise, boosting its value by over 2% and trading between $0.000028 and $0.000025. Over the past month, there was a significant drop of 19% for this meme coin following a market dip of $0.000035, hinting at a downward trend. Yet, with the recent surge, it seems that investors’ sentiment might be turning more optimistic, implying a possible change in direction from the latest bearish phase.
Nexo’s Strategic Listing: A Boon for Shiba Inu Coin Holders
Shiba Inu Coin made a big advancement by getting included in Nexo’s roster, a well-known global cryptocurrency trading platform. As a result, Nexo users now have expanded options to handle their SHIB tokens effectively.
Investors now have the convenience of purchasing SHIB with their debit or credit cards through Nexo, bypassing intricate transfer processes. Additionally, Nexo presents an innovative feature that allows investors to use SHIB as collateral to secure loans in various cryptocurrencies, enhancing financial versatility.
The price of Shiba Inu Coin is currently facing a significant hurdle at $0.000029. If it manages to break through this barrier, its value could rise towards $0.00005, which might open up an opportunity for further growth and eventually reaching the goal of $0.001.
In other words, if the market’s attitude towards SHIB changes and becomes pessimistic, the price of a single Shiba Inu coin could fall as low as $0.000025 or even drop below $0.000009. This would indicate a challenging time for investors in SHIB.
In simpler terms, the technical analysis conducted each day suggests that SHIB has a positive outlook. The RSI, which measures the price action’s strength, is now at 53, moving towards being overbought. The ADX, reflecting the trend’s strength, reads 23.54, underlining its current stability.
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2024-04-08 20:07