As a seasoned crypto investor with several years of experience under my belt, I have witnessed numerous market cycles and price fluctuations. I have seen coins surge and crash, only to recover and repeat the cycle again. Shiba Inu (SHIB) is one coin that has piqued my interest lately.
Shiba Inu may experience a significant price hike as the market recovers, potentially causing SHIB to regain power and surpass the $0.00001 mark. This milestone represents the initial stage of the “erasing zeros” objective for the near term.
At its present value of $0.00001814, Shiba Inu seems poised for a favorable shift. One significant support level, the 50 Exponential Moving Average (EMA), lies at $0.00001756 – a hurdle that the token has effectively surpassed.
In simple terms, the moving averages of 100 and 200 for SHIB serve as the upcoming resistance points. The current price surge indicates a potential build-up of buying pressure, hinting at a bullish market scenario. According to the daily chart analysis, SHIB is experiencing an upward trend and attempting to surpass its recent slump.
With an RSI of 53, there’s still room for the asset to climb further before becoming overbought. The bullish perspective is bolstered by the rising trading volume, which signifies increasing investor interest and upward price pressure. It’s plausible that Shiba Inu (SHIB) will benefit from the prevailing positive sentiment in the cryptocurrency market.
Shiba Inu and other alternative coins typically follow the broader market’s upward trend. Once Shibaswap’s price surpasses the $0.00001 mark, there is a possibility that SHIB may realize its long-term goal of eliminating zeros from its value due to the growing optimism in the crypto market.
Based on IntoTheBlock’s latest on-chain analysis, there has been a significant uptick in both the number of large transactions and overall trading volume for SHIB. This trend indicates growing interest and activity surrounding the token. Such a surge in on-chart metrics often precedes notable price fluctuations.
Keep a close watch for the roles of the 200-day and 100-day moving averages as potential resistance points. Should these thresholds be surpassed, it could pave the way for further profits and fortify the prevailing uptrend.
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2024-07-15 11:53