- Shiba Inu showed potential for a significant price recovery with bullish indicators despite recent declines.
- Increased burn rate and exchange net flow suggested growing buying pressure for Shiba Inu.
As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. The recent developments surrounding Shiba Inu [SHIB] have certainly piqued my interest, given its unique origins, massive community following, and the volatile yet resilient nature of its price action.
As a seasoned crypto investor with years of experience under my belt, I can’t help but feel a sense of nostalgia as Shiba Inu (SHIB) marks its fourth anniversary this month. I remember the day it was launched on August 1st, 2020, like it was yesterday. Back then, I was just starting to dip my toes into the crypto world and SHIB was one of the first altcoins I invested in.
Developed as a trial for community-driven development, modeled after Dogecoin [DOGE], Shiba Inu (SHIB) garnered immense popularity and witnessed substantial price increases throughout 2021.
Regardless of fluctuations in the market and a drop in value over time, this token has managed to keep a robust profile thanks to a devoted user base and continuous advancements within its platform.
Currently, Shiba Inu is being traded at approximately 0.00001339 USD per coin, with a total trading volume of $316,580,978 over the past 24 hours. Over this period, the token has seen a decrease in value by about 3.00%.
Its press time market cap was $7,890,783,531 with a circulating supply of 590 trillion SHIB.
Technical indicators and market sentiment
In the latest market developments, Shiba Inu (SHIB) approached the lower boundary of its Bollinger Band, hinting at possible support and a potential price increase. Nevertheless, at the moment of reporting, SHIB was still beneath the middle band, signaling persistent bearish tendencies.
As an analyst, I noticed that the Relative Strength Index (RSI) stood at 30.95, hinting that the asset is approaching oversold conditions. This might suggest a promising buy opportunity could be on the horizon if the RSI begins to climb, signaling a reversal in momentum.
The RSI, however, has not yet broken above the 50 level, which would confirm a bullish reversal.
The MACD histogram demonstrated a slight reduction in downward pressure, as the MACD line started to approach the signal line more closely, suggesting that bearish strength might be diminishing.
Based on my years of trading experience and market analysis, this situation could be indicative of an upcoming bullish crossover. However, it’s essential to remember that while it may seem promising, I always emphasize the need for confirmation before jumping into any investment decisions. The markets can be unpredictable, and even the slightest shift can change the entire game. So, let’s keep a close eye on this trend and wait for further confirmation before making any moves.
The overall trend will remain bearish until more decisive bullish indicators emerge.
In addition, crypto analyst Javon Marks pointed out that Shiba Inu (SHIB) is holding a favorable pattern and could potentially reach a price of $0.000081.
He stated,
In the last several trades, Shiba Inu (SHIB) has shown a significant Bullish Divergence on its Relative Strength Index (RSI), suggesting a possible complete reversal and further growth.
He pointed out that Shiba Inu’s prices might increase by about 162% from their current value, reaching approximately $0.0000456, and could potentially surge an additional 75%, aiming for the $0.000081 mark. This would translate to a total potential rise of 354%.
SHIB’s increased burn rate
Over the past day, information from AMBCrypto indicates a 17% rise in the burning rate of Shiba Inu. With fewer tokens being available, there might be a temporary upward trend in SHIB‘s value.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Furthermore, there’s been a significant rise in outgoing Shiba Inu (SHIB) from exchanges, indicating growing buying interest that could potentially push prices upward.
Regardless of the current downward market movement, the Shiba Inu community maintains a positive outlook for the token’s potential future success.
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2024-08-09 06:16