The price of Shiba Inu appears robust and is aiming for immediate support at approximately $0.00001200 to counteract recent price declines. The current price movement has encountered strong resistance near $0.00001400, suggesting a possible further decrease toward the subsequent support level. Over the weekend, Shibarium underwent an upgrade, leading to increased token burns. This update may potentially shift the momentum in favor of Shiba Inu.
Shiba Inu Price Approaches $0.000012 Support
Over the past day, the price of SHIB decreased by 4%, now standing at approximately 0.00001368 USD. On the other hand, the trading volume for SHIB significantly increased by about 41.2% within this timeframe, suggesting an escalating trend in selling activity.
The significant update to the Shibarium network on August 9 brought about a profound change within the system. Following this upgrade, the Shiba Inu token burning rate experienced an unprecedented surge of more than 38 million percent on August 11, which has sparked great enthusiasm among its investors.
HOURLY SHIB UPDATE$SHIB Price: $0.00001438 (1hr 0.02% ▲ | 24hr 2.48% ▲ )Market Cap: $8,477,808,264 (2.55% ▲)Total Supply: 589,272,050,582,474
TOKENS BURNTPast 24Hrs: 39,345,498 (38199412.62% ▲)Past 7 Days: 147,438,148 (-64.26% ▼)
— Shibburn (@shibburn) August 11, 2024
The current trend for Shiba Inu suggests it’s on a downward trajectory, evident in the repeated occurrence of lower peak prices and troughs. Moreover, the asset’s price is now below both its 50-day and 200-day moving averages, reinforcing the pessimistic outlook.
Furthermore, the 50-day Exponential Moving Average lies significantly beneath the 200-day Exponential Moving Average, which is an indication of a bearish trend. The current price movement remains below these two averages, suggesting continuous bearish influence.
The current price of Shiba Inu faces a quick resistance around the 50-day Exponential Moving Average (EMA), approximately at $0.00001401, and another substantial resistance close to the 200-day EMA, which is roughly at $0.00001575.
At the current price of $0.00001340, it’s hovering slightly above a crucial support area. Should this current support break down, the next notable level of potential support would be approximately $0.00001250.
In simpler terms, the Relative Strength Index (RSI), which measures the strength of a stock’s price action, stands at 41.19, suggesting it may be close to an oversold condition where prices have fallen too rapidly. However, if the RSI continues to decrease, it could signal a possible rebound in the market trend. On the other hand, the Chaikin Money Flow (CMF), a momentum indicator that shows the flow of money into and out of a security, stands at -0.17, suggesting increasing selling pressure on SHIB, supporting the bearish forecast for the coin’s price movement.
As a crypto investor, I’ve noticed a significant drop in the price recently, breaking down from a rising wedge pattern – a red flag indicating a bearish trend. This breakdown implies a potential decrease, potentially reaching the $0.00001250 level, if the current support doesn’t hold strong enough to prevent it.
If the Shiba Inu (SHIB) coin maintains its position at or near the support level of $0.00001200 and manages to move back above its 200-day moving average, this could be a strong indication of a turnaround. This bullish signal might become more apparent as the market’s strength grows. The potential targets for SHIB in such a scenario would be around $0.00001900.
65% Investors Betting on SHIB Price Surge
According to data from Coinalyze, a significant portion of investors anticipate a rise in the price of Shiba Inu coin. Interestingly, about 64.18% of traders have chosen to ‘buy’ or ‘go long’ on SHIB rather than ‘sell’ or ‘short’.
According to data from IntoTheBlock, if the Shiba Inu coin price rises above $0.000016 (16% from the current price), over $6.7 billion worth of SHIB currently underwater will transition into profitability.
Additionally, Messari Research shows that the SHIB Sharpe ratio, the metric for measuring an asset’s risk and reward, is at 2.98.
A Sharpe ratio of 2 and above indicates that the reward for investing in SHIB is currently higher than the risk, which is bullish for the price.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- HYDRA PREDICTION. HYDRA cryptocurrency
- MDT PREDICTION. MDT cryptocurrency
- USD VES PREDICTION
2024-08-12 19:22