As a seasoned crypto investor who has weathered numerous market cycles and witnessed the rise and fall of countless digital assets, I find myself cautiously optimistic about the recent 6% price rebound of Shiba Inu. While the bullish momentum is certainly intriguing, I’ve learned not to get too carried away by temporary spikes in the market.
Once more, Shiba Inu is drawing market interest as its price bounces back by almost 6%, hinting at renewed bullish energy for the well-known meme token. Following a phase of stability, this increase has sparked discussion about whether bulls could be reentering to push the price upwards further. Is this price spike the start of a significant rally or merely a temporary fluctuation? The focus is now on what comes next.
This study intends to delve into the latest 6% surge in Shiba Inu’s price and evaluate whether this rise might herald a larger bullish trend. By scrutinizing significant technical factors and market fluctuations, we will ascertain if the present momentum is robust enough for additional advancements and crucial points to keep an eye on for potential breakthroughs or corrections.
Indicators And Trends: Are Bulls Gaining Strength?
Lately, Shiba Inu’s price trend has been positive on the 4-hour chart as it bounces back from the support of $0.00001272. The digital currency is currently above its 100-day Simple Moving Average (SMA) and shows robust energy, aiming to reach around $0.00002045.
Examining the 4-hour Relative Strength Index (RSI), it appears the bulls have gained a strong foothold in the market. The RSI’s signal line has shot up above the 50% mark and currently stands at approximately 69%, signaling an intensifying positive trend for the cryptocurrency. This upward trajectory indicates growing buying interest, which might lead to continued momentum, possibly resulting in additional price increases.
Currently on its daily chart, Shiba Inu is maintaining positive movement, characterized by the emergence of bullish candles. This trend indicates a change towards favorable price action as the cryptocurrency heads towards its 100-day Simple Moving Average and the $0.00002045 mark. The bullish candle formations hint at an increasing upward momentum, which could potentially push SHIB to make further gains as it nears this significant resistance level.
Ultimately, inspecting the structure of the daily RSI on a one-day chart suggests that SHIB might continue its positive trajectory since the signal line has surpassed 50% and is now aiming to advance toward the 60% level.
What Could Next Moves Look Like For Shiba Inu
Should Shiba Inu coin persist in its upward trend and manage to breach the current resistance point at approximately $0.00002045, this could be an indication of a strong surge ahead, potentially propelling it towards the next potential resistance at around $0.00002631.
If Shiba Inu (SHIB) experiences substantial resistance or a dip, it may stabilize or drop to retest the support level of $0.00001272. Breaking through this level with significant volume might suggest a continuation of the downward trend, potentially leading to a further drop towards the support at $0.00000847.
SHIB’s current trading price was roughly 0.00001415 USD, marking a 6.97% rise over the past day. The market value of this digital currency stood near $8.3 billion, while its daily trading volume exceeded $230 million, signifying an upsurge of 6.73% and a substantial 72%, respectively.
Read More
Sorry. No data so far.
2024-09-19 16:16