The post SHIB Dips 3% Post $0.00001979 Monthly Peak; What’s Next? appeared on BitcoinEthereumNews.com.

The Shiba Inu token, the second-largest meme cryptocurrency by market cap, recently soared to a monthly high, reaching $0.00001979 on October 29. Following this high, SHIB experienced a slight retracement, dipping to $0.00001832—an approximate 3.86% decrease within a day. Despite this short-term pullback, the altcoin’s weekly performance remains solid, bolstered by a more potent bullish trend sweeping across the cryptocurrency market. Shiba Inu’s recent momentum comes alongside a rise in the number of daily active users on its network. Between Monday and Wednesday alone, active addresses jumped from 3,398 to 5,175, setting a new high for October. This increased user activity reflects the growing interest in Shiba Inu’s blockchain and points to an enduring demand, a factor that could strengthen SHIB’s price stability. Adding to the supply-and-demand equation, Shiba Inu’s burn program saw a spike, with a 145% rise over the past week, translating to roughly 121.76 million tokens being removed from circulation. By reducing the total supply of SHIB tokens, the burn mechanism aims to elevate the cryptocurrency’s valuation, provided demand remains steady or grows. Technical Indicators Hint at a Short-Term Plateau On the technical front, Shiba Inu’s chart patterns suggest a possible cooling-off period for the token. The RSI, a key indicator of price momentum, was rising two days ago but has now shifted downward, resting at 55.25. This reading implies that the meme coin could enter a period of price stability before resuming its uptrend. Further reinforcing this consolidation potential is the altcoin’s approach to its 20-day EMA, sitting at approximately $0.00001793. Currently, this EMA serves as an immediate support level that could trigger a bounce if the token stabilizes here. Additionally, the convergence of SHIB’s Bollinger Bands signals decreased volatility, with the price nearing the middle band at $0.00001815, implying a likely consolidation zone is forming.…

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Filed under: News - @ October 31, 2024 3:14 am