- SHIB surged by 3.50% in the last 24 hours.
Shiba Inu’s fundamentals suggested buying opportunities as buyers reentered the market.
As a seasoned crypto investor with a knack for spotting undervalued coins, I must say that the recent surge in Shiba Inu (SHIB) has piqued my interest. After closely monitoring its performance over the past few months, I’ve seen it struggle to reclaim higher levels following its all-time high. However, the last 24 hours have brought a refreshing change in market trajectory for SHIB.
After peaking at $0.00002169, Shiba Inu [SHIB] has found it challenging to regain higher prices. However, the recent market behavior of SHIB has sparked renewed enthusiasm among traders.
Currently, Shiba Inu (SHIB) is being traded at approximately 0.00001788 USD. Over the past week, this has led to a 6.82% rise on its weekly charts. Additionally, there’s been a 3.50% growth in the bullish trend over the last 24 hours.
Equally, on the monthly charts, SHIB has surged by 37.05%.
In the last day, Shiba Inu (SHIB) has spearheaded the comeback of meme coins, registering the highest increases, and enjoying a positive trend in market perception.
According to AMBCrypto’s analysis of Market Prophit, the public opinion stood at 0.1521 at the moment of reporting, and the Buzz Score was recorded as 0.9025.
While Shiba Inu has recently declined, the past 24 hours have changed the market trajectory.
What SHIB’s charts say
Based on AMBCrypto’s assessment, Shiba Inu (SHIB) seemed to be benefiting from positive market circumstances, potentially paving the way for more growth in the meme coin.
Over the last week, the disparity between Shiba Inu’s price and its Daily Average Accumulation (DAA) has stayed optimistic, indicating that the recent price increase is rooted in genuine user engagement rather than just speculative interest.
This signals market confidence in the memecoin’s value.
Furthermore, it’s worth noting that the reserve of Shiba Inu on exchanges has been steadily decreasing for the past month, dropping from approximately 141 trillion down to 139.2 trillion as of now.
This type of market activity leads to a reduction in the supply of tokens, which in turn triggers a bidding war among buyers due to fewer tokens being available. Consequently, the prices escalate dramatically.
To sum up, despite a minor drop in price from $0.00001884 to $0.0001724 over recent days, there’s been a steady interest in buying and holding (long positions) for Shiba Inu.
According to AMBCrypto’s analysis of data from Coinglass, it was found that the memecoin has experienced a favorable Open Interest (OI) Weighted Funding Rate for the past seven days.
Read Shiba Inu’s [SHIB] Price Prediction 2024–2025
Reflecting on the latest market fluctuations, it appears we’ve experienced a correction, presenting a potential entry point for investors. Given this context, Shiba Inu seems primed to advance towards $0.00001940 in the near future, offering an intriguing opportunity for those considering investment.
Conversely, in case of market correction, Shiba Inu will find support at $0.00001736.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- HI PREDICTION. HI cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- STG PREDICTION. STG cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- TON PREDICTION. TON cryptocurrency
2024-10-09 20:07