As a researcher with experience in cryptocurrency markets, I’ve closely monitored the recent developments of Shiba Inu (SHIB). The coin’s unexpected surge past the Simple Moving Average (SMA) 50 at $0.0000245 was accompanied by a notable price jump of around 10%.
The canine-themed cryptocurrency Shiba Inu (SHIB) has made an unexpected shift, surpassing the Simple Moving Average (SMA) 50 at a value of $0.0000245. This advancement was preceded by a substantial price increase of approximately 10%.
When I penned this down, Shiba Inu (SHIB) had surged by 8% over the past 24 hours, touching an intraday peak at $0.0000263.
As an analyst, I’ve noticed that the daily Simple Moving Average (SMA) 50 at $0.0000245 has served as a resistance level for Shiba Inu since mid-April, keeping its price in check and hindering any significant price increase. Nevertheless, SHIB managed to breach this hurdle briefly during late May, surging up to $0.0000294 on May 29.
The price of Shiba Inu hit a roadblock at this peak and subsequently dropped as investors cashed out their profits. This downturn caused Shiba Inu’s price to fall beneath the 50-day moving average for the first time in over four consecutive losing days, touching a bottom of $0.00002284 on June 4.
In a surprising turn of events, Shiba Inu bounced back strongly from its previous low and surpassed the daily Simple Moving Average (SMA) 50 during today’s trading session. This unexpected jump above this significant level could be an indication that the market sentiment is shifting, potentially allowing Shiba Inu to set new support levels above the daily SMA 50.
The cryptocurrency world is currently keeping a close eye on Shiba Inu’s price fluctuations to determine if it can sustain its position above the 50-day simple moving average (SMA). If it manages to do so, this could signal further gains and potentially trigger a fresh bullish trend for the token.
The price of Shiba Inu could potentially see a new surge, reaching approximately $0.00003 and $0.000032. It’s worth keeping an eye on whether Shiba Inu manages to reverse its daily Simple Moving Average 50 (SMA50) into support, which could lead to a significant price increase.
The recent surge of Shiba Inu beyond its current daily Simple Moving Average (SMA) at $0.0000245 is noteworthy and might signal an impending powerful price increase. However, it’s essential to note that this possibility still needs confirmation.
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2024-06-06 12:25