The price of Shiba Inu Coin (SHIB) has experienced a decline in recent days, with a 2% decrease within 24 hours. Despite this dip, market analysts remain optimistic about the near-term potential of SHIB.
The trading volume of SHIB has also decreased by over 4%, reaching $147 million. However, SHIB still holds a market cap of approximately $5.6 billion, making it the 17th largest cryptocurrency.
After a significant bullish trend, it is common for the market to experience decreased buying pressure. This creates an opportunity for a possible rebound. Currently, Shiba Inu is in a reaccumulation phase, and several factors indicate potential growth in the near future.
In February, SHIB reached its highest value of $0.000010 before regressing to around $0.0000095. This movement reflects the ongoing battle between bearish and bullish factions in the market.
SHEboshis Make Waves in the NFT Market
Shiba Inu made headlines with its recent NFT launch called SHEboshis. This collection was quickly minted by LEASH token holders, showcasing the vibrant community surrounding Shiba Inu.
The SHEboshi NFT batch was claimed within just five minutes during the second phase of the minting event. The process was divided into three phases, with the first phase exclusive to Shiboshi holders and the second phase open to Doge Killer (LEASH) holders.
Over the past month, Shiba Inu has seen significant growth of over 7%, starting at $0.0000088 and reaching $0.0000010. Despite a slight pullback, this upward trend indicates a positive outlook among traders during the current retracement.
Market Dynamics and Technical Outlook for SHIB
If SHIB manages to break above the resistance level of $0.0000010, it could potentially reach $0.00000120. On the other hand, if SHIB struggles to surpass the $0.000095 threshold, a downward trend may occur. The initial support is around $0.00009, with a stronger foundation at $0.00000850. If the price falls below the $0.0000075 support, further decline is possible.
The daily technical assessments show a downward trend for Shiba Inu, with the Relative Strength Index (RSI) at 51 and potentially moving towards oversold conditions, indicating bearish momentum. While most technical indicators present a neutral outlook due to market uncertainty, the Moving Average Convergence Divergence (MACD) predicts a short-term negative trajectory.
Hot Take: SHIBโs Future Potential
Despite the recent dip in price and trading volume, Shiba Inu Coin (SHIB) still holds promise for future growth. Hereโs why:
- The ongoing reaccumulation phase suggests that SHIB may experience a rebound in the near future.
- SHEboshis, the recent NFT launch by Shiba Inu, received significant attention and showcased the strong community surrounding SHIB.
- Despite market volatility, SHIB has shown overall growth over the past month.
While market dynamics and technical indicators suggest caution, itโs important to consider these positive factors when evaluating the potential of Shiba Inu Coin.
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