Shiba Inu (SHIB) Primed for Massive 354% Surge?
The post Shiba Inu (SHIB) Primed for Massive 354% Surge? appeared on BitcoinEthereumNews.com.
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. Shiba Inu [SHIB] marked its fourth anniversary this month, having been launched on the 1st of August 2020. Created as an experiment in decentralized community building, inspired by Dogecoin [DOGE], SHIB quickly gained massive attention and experienced significant price surges in 2021. Despite facing market volatility and a notable decline in subsequent years, the token has maintained a strong presence with a dedicated community and ongoing developments in its ecosystem. As of the time of writing, Shiba Inu was trading at $0.00001339 with a 24-hour trading volume of $316,580,978. The token has experienced a -3.00% price decline in the last 24 hours. Its press time market cap was $7,890,783,531 with a circulating supply of 590 trillion SHIB. Technical indicators and market sentiment The recent price action saw SHIB testing the lower Bollinger Band, which suggested potential support and a reversal. However, it remained below the middle band at press time, indicating continued bearish sentiment. Also, the Relative Strength Index (RSI) was at 30.95, suggesting that the asset is nearing oversold territory. This could imply a potential buying opportunity if the RSI starts to rise, indicating a shift in momentum. The RSI, however, has not yet broken above the 50 level, which would confirm a bullish reversal. Source: TradingView The Moving Average Convergence Divergence (MACD) histogram showed a slight decrease in bearish momentum, with the MACD line beginning to converge towards the signal line. This could be an early sign of a potential bullish crossover, although confirmation is still needed. The overall trend will remain bearish until more decisive bullish indicators emerge. Moreover, Javon Marks, a crypto analyst, noted that SHIB maintains…
Filed under: News - @ August 9, 2024 4:28 pm