Shiba Inu Hits Sweet Spot: Technicals Show Promising Historic Highs as SHIB Locks in Gains Above Critical Threshold

April 17, 2024

Shiba Inu (SHIB) is currently experiencing a market resurgence, with indicators pointing towards potentially historic highs. This comes after a series of technical analyses suggested that SHIB is not only securing profits but also stabilizing above critical support levels, signaling a bullish phase for the cryptocurrency.

Market Overview

Following a period of volatility that has swept through the crypto market, Shiba Inu has shown remarkable resilience and strong performance from the start of the month. The SHIB is following a pattern similar to other major digital currencies, where crucial technical levels significantly influence market movements.

Analyst’s Take

Crypto trader who uses the X handle @CryptoCypher20, recently highlighted what could be a breakthrough phase for Shiba Inu.  Currently, SHIB is said to be in a “Macro 3rd wave” of its price movement, which, according to Elliott Wave Theory often used in financial markets, suggests a strong upward trend. 

Further, his analysis pinpointed Shiba Inu’s stabilization within a ‘Gray Box’—a crucial support zone—that must be maintained for SHIB to continue its upward momentum. Currently sitting between $0.00001450 and the August 2022 highs at $0.00001690, the analyst noted that SHIB needs to hold above it to remain within its projected trajectory.

He described this stage as crucial for the continuity of SHIB’s positive trend, making it a critical watch point for investors. By successfully securing gains above this threshold, SHIB could be on the verge of entering a bullish phase, signaling a green light for potential investors and a sign for current holders to possibly anticipate substantial returns.

The same analyst proactively adjusted the stop loss settings to a profitable level, effectively locking in gains while guarding against potential market downturns. This move is seen as a blend of cautious optimism, allowing investors to secure profits while protecting investments from unexpected market shifts.

The analyst’s insights came at a time when investors are keenly watching crypto movements for signs of sustainable gains. For Shiba Inu holders, staying informed on these technical markers is essential, as they not only suggest possible price increases but also provide strategies for risk management, such as adjusting stop losses to secure profits. 

As the market continues to evolve, SHIB’s performance at these critical junctures will be pivotal in determining its short-term and long-term market positioning.

Market Watch

The current trading dynamics of Shiba Inu (SHIB) indicate a volatile yet recently positive market movement. As of early Wednesday morning, SHIB was trading at $0.00002221. The coin has experienced a significant trading volume of $804,350,074 over the last 24 hours, reflecting a notable increase of 5.55% in its value during this period. Despite this recent uptick, SHIB has seen a decrease of 18.74% over the past week and a decline of 16.96% over the last 30 days, showcasing the fluctuations typical of the cryptocurrency market.

SHIB’s market capitalization has grown by more than 4% to reach $13,082,567,977. This valuation is based on a circulating supply of approximately 589 trillion SHIB coins, according to the latest data from CoinMarketCap. These figures highlight the coin’s substantial presence in the crypto market, underlined by its capacity to attract significant trading activity despite broader market challenges. This performance is critical for investors to monitor as it provides insights into the asset’s volatility and potential future movements.

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