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.
FAQ
Which Technical Indicators Should be Followed to Monitor the Rise of the Shiba Inu Price?
Traders can evaluate the upside potential of the Shiba Inu price by watching technical indicators such as moving averages, RSI, MACD, and trading volume.
What is a Bullish Continuation Flag Pattern?
A bullish flag pattern suggests that an asset’s price will probably keep rising in the foreseeable future. Buying call options, which will increase in value as the price rises, or investing in the asset will allow traders to profit from the rally.
What Kinds of Factors Could Trigger Shiba Inu’s Surge in Value?
Factors that could trigger Shiba Inu’s appreciation include listing on major exchanges, partnership agreements, technological advancements of the project, community support, and positive developments in the overall cryptocurrency market.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment