What Factors Contribute to the Shiba Inu Rally?

The Shiba Inu Rally: Analyzing the Possible Increase to $0.00003

The Shiba Inu price attempts to consolidate above multi-month support by circling around the $0.00001696 level amid this week’s consolidation. There is no discernible initiation from buyers or sellers based on the SHIB price on the daily chart that generates alternate green and red candles.

• EMAs: The supply pressure at this resistance is increased by the 20-day Exponential Moving Average’s vacillation near $0.0000183.
• ADX: Following an excessively prolonged decline, the Average Directional Index slope shifting flag signals the waning bear momentum.

The Rise of Shiba Inu: A Closer Look at the Price

The price of Shiba, the second-largest meme coin, reversed from its peak of $0.0000294 in late May, ushering in the current decline trend. The market cap fell to $10.12 billion as a result of the coin price plummeting over 41% to its current trading price of $0.0000172 during the sell-off.

On the other hand, the daily chart indicates that this decline is a component of the bullish continuation flag pattern. The chart arrangement usually shows up during a well-established rally, giving buyers a chance to regain bullish momentum. Additionally, Sentiment, a crypto analytics company, has used the MVRV Z-Score to pinpoint extremes in the cryptocurrency market’s valuation. They recently conducted an analysis and found that Uniswap and Shiba are currently undervalued, whereas Toncoin, Bitcoin, and Ethereum are overvalued. Therefore, Shiba is in a better position to see price growth and recover its recently depreciated worth.

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