- Shib has declined by 1.30% over the past week.
- An analyst is eyeing a price to surge to a six months of $0.00003420.
As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years now, I can confidently say that Shiba Inu (SHIB) is currently at a crossroads. After a prolonged period of volatility and decline, it seems that the memecoin might be gearing up for a comeback.
Over the last couple of months, the digital currency known as Shiba Inu (SHIB), which ranks second in terms of market capitalization among meme coins, has been encountering a prolonged period of challenges. This cryptocurrency has shown significant fluctuations and a steep drop in value.
Currently, the price of Shiba Inu stands at approximately 0.00001325 dollars. This represents a decrease of 1.30% over the past week as seen on the weekly trading charts.
Furthermore, Shiba Inu (SHIB) has experienced a decrease of approximately 0.57% within the past month. The prevailing market circumstances seem to indicate that the meme coin is making an attempt to break free from its prolonged downward trend.
Since reaching its lowest point of $0.00001231 on the 6th of September, it has since reached a local peak of $0.00001411.
Consequently, the current market situation has led many analysts to heavily invest in the meme coin. Crypto expert Johncy Crypto anticipates a recovery, predicting it based on the potential breakout from the falling wedge chart pattern.
What market sentiment says
According to Johncy Crypto’s examination, it appears that Shiba Inu (SHIB) is departing from a descending wedge formation on its daily graphs.
The analysts shared this observation on his X official page noting that,
As a crypto investor, I’ve noticed that Shiba Inu is currently breaking out of a falling wedge pattern on the daily timeframe. If this trend continues, potential price targets after a bounce from the support zone could be around 0.00001610, 0.00002010, 0.00002380, 0.00002940, and even as high as 0.00003420. Keep a close eye on the market movements to capitalize on this potential uptrend.
According to our findings, the short-term aim for the memecoin could be reaching approximately $0.00001610. In an extremely optimistic outlook, it might even soar up to around $0.0003420.
In this specific context, escaping from the downward sloping triangle (falling wedge) signals a positive shift, implying that the declining trend may be weakening. This situation often indicates that traders are gradually shifting towards buying, thereby creating conditions favorable for an upward movement in market prices.
Thus, a breakout here will see SHIB prices rally reversing the bearish trend.
What SHIB charts suggest
According to recent analysis, Shiba Inu (SHIB) appears to be breaking free from its current pattern. This observation can be seen in the price movements observed during the last seven days, where SHIB seems to be trying to establish a bullish trend, resembling a flag formation.
Therefore, the prevailing market conditions could set SHIB for a trend reversal.
Over the past week, the funding rate for Shiba Inu, calculated across exchanges, has predominantly been positive. Right now, this rate stands at 0.003%, indicating that those who have taken long positions are covering the costs of short sellers.
This suggests a positive outlook among traders, who tend to have more long positions than short ones. Consequently, investors believe that prices will increase and are ready to pay extra to maintain their investments.
Furthermore, Shiba Inu’s price gap has remained favorable during this past week, amounting to a 10.83% increase. This suggests an uptick in network interest and potential adoption, despite the price not fully mirroring these developments at present.
This indicates that the memecoin might be currently underpriced, potentially leading to an upward trend in its value over time, as the network encourages long-term price appreciation.
To summarize, for the last month, the flow of Shiba Inu on exchanges has predominantly been outgoing, indicating more coins being withdrawn than deposited. Over the past day, this trend has continued, with a net negative flow persisting.
This indicates a positive trend as investors are transferring their funds into secure, offline storage (cold wallets), suggesting a strong belief in the long-term prospects of their investments.
In simpler terms, the overall feeling among traders about Shiba Inu (SHIB) is becoming more positive, which could lead to an increase in its price. If current market trends continue, SHIB might try to break through the next major resistance level approximately at $0.00001483.
Breaking through this current stage will serve as the validation, boosting the momentum of the meme coin, potentially pushing its value up to $0.00001772.
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2024-09-18 09:12