The post Shiba Inu ($SHIB) demonstrates potential for rebound appeared on BitcoinEthereumNews.com.

Shiba Inu ($SHIB) can still surge to $0.000022 given it is way below the 50-day SMA amid volatility of 10.80%. This stems from the belief that the growth of the meme coin is driven by hype across social media. Plus, the market cap is long due to a strong rebound. It has slipped away from Dogecoin instead of dethroning the meme con giant from the top of the chart. Needless to say, that introduces a reversal trend for the token as well. SHIB is listed at $0.00001793 with a dip of 3.55% in the last 24 hours. The token has been consistent throughout the monthly run. Even the weekly change is in red which has triggered bearish sentiments in the short term. Shiba Inu predictions are bullish but that barely stretches for a week. The time window after that period brings the horrors of bearish run back into the picture. The market cap, for one, has slipped to $10.57 billion at the time of writing this article. There is a sign of relief in 24-hour trading volume; however, it still depends on one’s interpretation. Whales can get into the trading board to fuel a surge. Till then, it is safe to assume that traders are dumping their holdings to avoid any further loss. There is a reasonable rise of 3.23% in the category. Trade can alternatively signal a sign for buying the dip. Short-term traders could be looking to make profits in the next 5 days, for the prediction estimates it to rise to $0.00004041. That would be a massive jump indeed before it retraces back to a lower value of $0.00001717. The volatility rate does not paint a nice picture. The 50-day SMA demonstrates an opportunity for a rebound. SHIB has traded profitably for 11 days in the last…

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Filed under: News - @ June 21, 2024 4:24 pm