Shiba Inu poised for a comeback? Watch the critical $0.000024 level

Shiba Inu’s price increased by over 1.13% in the last 24 hours.
Market indicators looked bullish on the memecoin.

As a seasoned crypto investor with a keen interest in memecoins, I’ve been closely monitoring Shiba Inu’s [SHIB] price movements. After a sharp increase last week, SHIB faced a bearish trend and dropped towards a critical support level of $0.00002437. The recent surge of over 1.13% in the last 24 hours was an encouraging sign, but I remained cautious as bullish momentum alone doesn’t ensure a successful test of the support.

Last week, Shiba Inu’s [SHIB] price experienced a significant surge. Subsequently, the cryptocurrency shifted trend and became bearish, causing its value to plummet. This downward spiral brought SHIB close to a crucial support threshold. Nevertheless, there were indications that SHIB might stage a rebound based on recent developments.

Shiba Inu reaches a critical level

The price of the second largest meme cryptocurrency in the world experienced a significant increase on May 29th, as indicated by data from CoinMarketCap, reaching a peak of $0.00002924.

SHIB failed to maintain its upward trend and instead underwent several price adjustments. An examination of SHIB‘s chart by AMBCrypto indicated that the latest price decline brought its worth down to a significant support point at approximately $0.00002437.

As a researcher studying the Shiba Inu (SHIB) token, I would warn that should the price fail to surmount the resistance level and instead plummet beneath it, investors may prepare for a potential decrease in value down to approximately $0.000020.

On the other hand, a successful test of the support could kickstart a bull rally, which might result in SHIB touching $0.000029 in the coming days.

Is a bull rally inevitable?

As a researcher studying memecoins, I can tell you that the prospects for a fruitful test were quite favorable given Shiba Inu’s price surge. Specifically, its value had experienced a noteworthy uptick of 1.13% within the previous 24-hour period.

As a crypto investor, I’m observing that SHIB is currently priced at $0.00002499 per token at the moment I’m writing this. Its market capitalization has surpassed $14.7 billion, positioning it as the eleventh largest cryptocurrency by market size.

According to AMBCrypto’s interpretation of Santiment’s findings, SHIB‘s exchange supply decreased on the 2nd of June following a price increase the previous week.

The buying demand for SHIB grew, fueled by investors’ anticipation that its value would rise in the near future.

Despite a decrease in whale activity surrounding the memcoin, this was clearly indicated by the drop in the number of whale transactions.

Moreover, the market’s assessment of Shibaswap (SHIB) shifted to the negative side, implying that pessimistic views outweighed optimistic ones.

As an analyst, I’d interpret a Shiba Inu fear and greed index value of 41 as indicating a “neutral” market situation for investors. This implies neither extreme fear nor excessive greed is currently driving the market behavior.

When the metric hits that point, it signals potential volatility for the market, which could mean price fluctuations in either direction. To gain more insight, AMBCrypto examined Shiba Inu’s daily chart.

Realistic or not, here’s SHIB’s market cap in DOGE terms

The MACD technical indicator’s information indicated a fierce struggle between buying and selling forces. However, other indicators hinted towards the possibility of the bulls emerging as the eventual winners.

As a crypto investor, I’ve noticed that both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) have shown positive signs recently. The CMF has picked up, and so has the RSI. This could be an indication that the support level has been successfully tested.

2024-06-04 07:03

Shiba Inu reaches a critical level

Is a bull rally inevitable?

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