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.
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.
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 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.
