Shiba Inu Price: Will SHIB Rebound from $0.000009?
The Shiba Inu (SHIB) price is currently experiencing a lack of bullish momentum below the psychological level of $0.00001. The coin’s reversal from overhead resistance has led to a sideways movement, similar to Bitcoin’s consolidation. If Bitcoin enters a new correction from $52,000, there is a possibility that this correlation could push the SHIB price below $0.00009.
Why Shiba Inu Price May Rebound from $0.000009
An analysis of the daily chart reveals that the mid-term trend for Shiba Inu is bullish, thanks to an ascending trendline providing dynamic support. This trendline has been instrumental in driving the SHIB price recovery since late October 2023.
- The memecoin has experienced a 45% surge from its swing low of $0.00000661 and is currently trading at $0.00000964.
- During market corrections, the prices have rebounded from this support level, indicating an active accumulation point for buyers.
If supply pressure persists, there is a possibility that sellers may drive the SHIB price down by 4-5% to reach the aforementioned trendline.
The Shiba Inu ecosystem has shown significant growth and activity, with Shibarium, its layer-two solution, recording 3 million daily transactions and its Total Value Locked (TVL) approaching $1 million. This indicates increasing adoption and utilization of the network.
In addition, data from Shibburn, the burn tracker, reveals a 298.21% increase in SHIB’s burn rate over the last 24 hours, with 2.03 million SHIB tokens being taken out of circulation. This community-driven effort to reduce supply could potentially lead to increased scarcity and value for the remaining SHIB tokens.
Considering these developments, the SHIB price is well-positioned for a potential reversal from the rising trendline, which could result in a 14% increase and push the asset value to $0.0000105.
Technical Indicator:
- Exponential Moving Average (EMA): The flattish movement in the 100-day and 200-day EMAs suggests that the broader trend is sideways.
- Moving Average Convergence Divergence (MACD): The closing gap between the MACD and signal line indicates increasing selling pressure in the market, potentially leading to a bearish crossover.
Crypto enthusiasts may also be interested in reading: Crypto Headlines Of The Week: Bitcoin, Shiba Inu, & Terra Fuels Inferences
Hot Take: Will SHIB Rebound or Continue to Decline?
In summary, the Shiba Inu (SHIB) price is currently facing waning bullish momentum below $0.00001. However, there are several factors that suggest a potential rebound:
- The mid-term trend remains bullish, supported by an ascending trendline.
- The Shiba Inu ecosystem is experiencing significant growth and adoption.
- The burn rate of SHIB tokens has increased dramatically, indicating efforts to reduce supply.
On the other hand, technical indicators such as the EMA and MACD suggest a sideways trend with selling pressure. Therefore, it is crucial to monitor these indicators and market conditions closely to determine whether the SHIB price will rebound or continue to decline.
By
By
By
By
By
By