Gushiken Yona
Shiba Inu (SHIB) is making a comeback, with a recent surge in price fueling bullish predictions and igniting discussions about its future potential. The memecoin, currently trading at $0.00001405, has experienced a notable upswing, breaking through resistance levels and setting its sights on new highs.
“SHIB is ready for a new and fresh start! I want to see this at $100B in 2024!” declared Crypto Sheriff, a prominent figure in the crypto community, on X. the post comes with a screenshot of a Shiba Inu chart.,
It shows that SHIB priced at $0.00001380 against USDT, reflecting a modest 0.73% increase over the previous value. Over the past 24 hours, SHIB has traded within a range of $0.00001348 to $0.00001387, with a substantial 1.36 trillion SHIB tokens changing hands. This surge in trading volume indicates growing interest in the token, particularly as it approaches critical resistance levels.
A closer look at the one-week (1w) timeframe for the SHIB/USDT pair reveals a significant bullish momentum. The price has surged from a previous low, breaking through several resistance levels, and is now showing potential for further gains. Notably, SHIB has surpassed its earlier resistance point of $0.000004567, indicating strong buying activity and market confidence.
Crypto analysts are taking notice. Ronimus Prime (@Ralf_LaRon on X), a crypto trader, highlighted the importance of clearing the 50-day moving average (MA) and key Fibonacci levels to confirm a bullish breakout. “To confirm a bullish breakout, $SHIB needs to clear the 50 MA and key Fibonacci levels on both charts. With momentum building, keep an eye on these levels as potential upside targets emerge!” he tweeted. Ronimus Prime also pointed out the potential for an Elliott Wave pattern forming on the 4-hour chart, with the next target around $0.00001400. He added that a Federal Reserve rate cut could act as a catalyst for this bullish pattern, potentially leading to a five-wave structure if the momentum holds.
While the current bullish trend is promising, analysts and traders are urging caution. The cryptocurrency market is notoriously volatile, and while SHIB’s recent performance is encouraging, it is essential for investors to keep a close eye on key technical indicators and market developments. The FOMC meeting and potential rate cuts are likely to play a crucial role in shaping SHIB’s near-term trajectory.
Shiba Inu (SHIB) is on a roll, extending its recent price surge. As of 2:01 a.m. ET on Thursday, SHIB was trading at $0.00001406, a 2.84% increase for the day. This positive momentum has pushed the token’s market capitalization to $8.29 billion, a 2.88% jump in the past 24 hours.
Trading volume for SHIB has also seen a boost, reaching $195 million in the last 24 hours. This represents a 3.95% increase compared to the previous day. Over the past week, SHIB has gained 3.71%, showcasing a sustained upward trend.
However, it’s important to note that SHIB’s price remains volatile. While the token has experienced significant gains in recent weeks, it has also seen a 20.80% decline over the past 30 days, data from COinMarketCap shows. Investors should exercise caution and be prepared for potential fluctuations.
Read More
- Shiba Inu Army Marches On: Over 1.4 Million Holders Strong
- Shiba Inu’s Shytoshi Kusama: BONE is Indispensable for Future Growth
- Shiba Inu’s Shytoshi Kusama Unveils Motivation Behind ‘Self-Sovereign Identity and Karma & Reputation Tools’
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
