Shiba Inu Coin Displays Promising Uptrend, Gaining Over 13% in Two Weeks
Shiba Inu Coin, the popular meme cryptocurrency, has recently shown an impressive gain of over 13% within the past two weeks, indicating a strong bullish sentiment among investors. The current price of Shiba Inu Coin stands at $0.000009953, marking a 3% increase over the last 24 hours. This rise in price is accompanied by an uptick in token-burning activities, leading analysts to speculate that further upward movements may be on the horizon.
Shiba Inu Coin Price Prediction: Market Activity Indicates Positive Trends
The trajectory of Shiba Inu Coin has been upward since surpassing a diagonal resistance line 10 days ago. With a market capitalization of approximately $5.81 billion, Shiba Inu ranks as the 17th largest cryptocurrency. The trading volume over 24 hours has experienced a remarkable 71% boost, totaling $244 million. This heightened activity signals a keen interest from the trading community.
In December 2023, Shiba Inu reached its peak for the year at the $0.000010 level before adjusting back to around $0.0000085. This movement highlights the ongoing battle between bearish and bullish market forces.
Analysts Foresee Continued Growth for Shiba Inu Coin
A crypto analyst known as SHIB KNIGHT believes that Shiba Inu is on the verge of breaking its downward trend on the weekly charts. The critical support level of $0.00000953 is seen as a potential turning point for the market’s outlook to become more optimistic as SHIB prepares for its next upward movement.
SHIB KNIGHT has set four key price milestones for SHIB’s resurgence: $0.00001011, $0.00001193, $0.00001309, and a peak potential of $0.00001492. Additionally, three crucial support levels to monitor are identified as $0.00000953, $0.00000896, and $0.00000880.
Currently, SHIB faces a significant hurdle at the $0.00001 resistance level. Overcoming this barrier could establish SHIB’s bullish trajectory, potentially elevating it to a resistance trend line around $0.000015. However, dropping below $0.00000950 would negate this bullish forecast and send SHIB down to a support level of $0.00000800.
The 24-hour technical indicators suggest a bullish momentum for SHIB. The Relative Strength Index (RSI) is moderately neutral at 63, indicating a lean towards an overbought condition and hinting at a bullish momentum. The Chaikin Money Flow index is at 0.15, and positive trends in the 20 Exponential Moving Average (EMA) and the 50-EMA further reinforce the bullish outlook for SHIB.
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