Shiba Inu: Australian Expansion Sparks Price Rally
After a recent rise in the market that saw prices surge from $60,000 to $70,000, meme coins like Dogecoin, Shiba Inu, PEPE, and FLOKI experienced significant gains. Shiba Inu, in particular, rebounded from a low of $0.00002388 to $0.00003 following a recent listing on the Australian crypto exchange, Bitcoin.com.au. This move is expected to attract more investors and increase liquidity, potentially driving up the value of SHIB in Australia.
Analysis: SHIB Price Targets $0.000035?
As the SHIB price sees a 2.4% decrease, it is approaching the lower support trendline of the channel pattern. If history repeats itself, a bounce from this support could propel the price to $0.0000345, with a further target of $0.000038. On the flip side, a break below the support could signal a continuation of the downtrend, potentially dropping the price below $0.000024.
Technical Indicators for SHIB Price:
- Exponential Moving Average: The SHIB price reclaiming its 4-hour moving averages (20, 50, and 100) indicates a convergence of short-term and long-term bullish trends.
- Relative Strength Index (RSI): With the RSI surpassing 50%, there’s a shift towards positive market sentiment.
Hot Take: What’s Next for SHIB Investors?
Shiba Inu’s recent rebound and market expansion through its listing on an Australian exchange point to a potential uptrend for the cryptocurrency. With technical indicators showing positive signals, buyers could continue to drive the price higher towards the $0.000035 mark. However, a failure to hold key support levels could lead to a downside move, underscoring the importance of monitoring price action closely.
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