Gushiken Yona
Shiba Inu (SHIB) tightens its grip on the charts, flashing a bullish signal that traders can’t ignore. As volatility coils and a key metric hints at an imminent breakout, the stage is set for SHIB to make its next big move. But, will the market bite?
Shiba Inu (SHIB), the vibrant community-driven cryptocurrency that captured the attention of the crypto world, is currently demonstrating resilience and potential for future growth. While ranked within the top 20 crypto assets by market capitalization, SHIB’s current price, belies the intriguing technical setup unfolding on its daily chart.
The TradingView chart reveals a fascinating story. After a period of healthy consolidation following a remarkable early 2024 surge, SHIB is now interacting with its Bollinger Bands in a way that could signal an exciting opportunity for investors.
Shiba Inu Bollinger Band Squeeze: A Coiled Spring?
The Bollinger Bands, a powerful indicator of volatility, are currently exhibiting a classic “squeeze.” This narrowing of the bands, reflecting a period of reduced price fluctuation, often precedes a significant price expansion. For savvy investors, this squeeze represents a potential window of opportunity.
SHIB is currently testing the lower Bollinger Band, situated around $0.00001165. This level is acting as a crucial support.
A successful hold above this support, coupled with the current squeeze, could be the launchpad for a significant upward move. The middle Bollinger Band (the 20-day Simple Moving Average) at approximately $0.00001267, and further the Upper bollinger band at (0.00001370) presents the next logical targets for a potential breakout.
Underlying Strength and Shib Army Support
While the Relative Strength Index (RSI) at 46.84 indicates a neutral stance, it’s important to note that this doesn’t reflect the underlying strength of the SHIB community. The dedicated SHIB Army has consistently demonstrated its commitment to the project, providing a strong foundation for long-term growth. Subdued volume at this time can be seen as the market taking a breath before its next potential major move. The last price is slightly over the 20 day simple moving average.
Key Levels and Potential Upside
- Strong Support: Lower Bollinger Band ($0.00001165) – A potential buying opportunity.
- First Target: 20-day SMA / Middle Bollinger Band ($0.00001267) – A realistic short-term goal.
- Second Target: Upper Bollinger band (0.0001370)
Shiba Inu Price Action
Shiba Inu (SHIB) currently trades at $0.00001306, reflecting a 1.39% daily increase and a market capitalization of $7.69 billion, closely aligned with its Fully Diluted Valuation (FDV) of $7.7 billion, based on the data from CoinMarketCap. This indicates that the vast majority of its immense total and max supply (approaching 600 trillion SHIB) is already circulating (589.25T SHIB), a common trait of meme coins designed for small fractional unit values, which mitigates significant future dilution risks.
The 24-hour trading volume of $128.7 million, up by 21.74%, coupled with the price increase, suggests growing buying pressure and positive market sentiment. While a Volume/Market Cap ratio (which would be slightly above 1.65% based on these numbers) is still relatively moderate, the increased trading activity lends credence to a potential shift towards a more bullish outlook, placing SHIB in a position where a catalyst could trigger a more decisive directional move, the stability of the circulating and total supply provide some stability in tokenomics.
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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.
