Gushiken Yona
Shiba Inu is poised for a major comeback, a crypto analyst predicts, as SHIB approaches a critical support level that could trigger a massive price reversal.
On Thursday, crypto analyst Crypto Sheriff (@Gem_Sheriff on X) issued a bullish prediction about Shiba Inu. They said, “SHIB is at major support level again! The graph should reverse from here! Dips often mean new opportunities! LFG!”
The X post came with a chart showing the price movement of Shiba Inu against USDT (Tether) on the Binance platform. Key details from the chart include:
- Current Price: $0.00001598, showing a decline of 6.60%.
- Price Range: 24-hour high of $0.00001722 and low of $0.00001582.
- Volume: 3.90 trillion SHIB and 63.68 million USDT in the last 24 hours.
- Exponential Moving Averages (EMA):
- EMA(7): $0.00001808
- EMA(25): $0.00001915
- EMA(99): $0.00001576
- The candlestick chart highlights recent price movements, showing a mix of red (bearish) and green (bullish) candlesticks.
The chart and text together suggested a positive outlook for SHIB. The current price of $0.00001598 is near a major support level, where the price is expected to find strong buying interest and potentially reverse to the upside.
The decline of 6.60% is seen not as a setback but as an opportunity to buy at a lower price before a predicted increase. The presence of significant trading volumes and the position near the 99-day EMA adds to the anticipation of a price reversal.
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The confluence of high trading volumes and Shiba Inu’s current price hovering near its 99-day exponential moving average (EMA) paints a compelling picture for potential investors. This combination suggests a robust level of interest in SHIB, with many traders seemingly convinced that the current price level represents a floor, not a ceiling.
The 99-day EMA, a significant indicator of long-term price trends, acts as a potential support level, historically known to repel further price drops and even spark upward momentum. For savvy traders, this scenario presents a tantalizing buying opportunity, with the expectation that the current price dip is temporary and a rebound is imminent.
In essence, the market may be signaling a bottom, where an influx of buying pressure could ignite a substantial price reversal.
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At 3:56 p.m. ET on Thursday, Shiba Inu (SHIB) experienced a significant surge in trading activity, with a 50.83% increase in 24-hour trading volume reaching $327,593,349. However, this heightened interest did not translate into price gains, as SHIB faced a 6.035% dip on the day, bringing its value to $0.00001604. The recent downward trend continued over the past week and month, with SHIB recording a 5.93% decline over seven days and a more pronounced 10.53% drop over the past 30 days.
Despite the price fluctuations, Shiba Inu’s market presence remains substantial, with a circulating supply of 589,270,547,009,170 SHIB and a market capitalization of $9,453,942,754, as per CoinMarketCap data. This indicates that while Shiba Inu is experiencing short-term volatility, it continues to hold a significant position in the cryptocurrency landscape.
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YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
