Shiba Inu (SHIB) Poised for Breakout Despite Current Losses
tl;dr
The cryptocurrency Shiba Inu (SHIB) could be on the verge of a breakout, according to AMBCrypto. Despite current losses for some investors, SHIB may be ready to ignite the turbo. A rise in the SHIB price to $0.000012 could be possible if capital inflows increase. The Network Realized Profit/Loss, an indicator of capital flows and network profitability, suggests high capital outflows, which could trigger a recovery.
SHIB on the way to the moon?
The phrase “to the moon” is used in the crypto world to describe a massive price increase of a cryptocurrency. According to AMBCrypto, this could very well be possible with SHIB. The Network Realized Profit/Loss, an indicator that tracks capital inflows and outflows as well as trends in network profitability, has dropped to -83.49 million. This suggests high capital outflows and could trigger a recovery. Therefore, SHIB could swing higher than $0.00001.
SHIB’s recovery and further catalysts
SHIB’s recovery to $0.00001 has only recently occurred. Another indicator that was analyzed was the Shiba Inu Burn – a process in which some tokens are removed from circulation to stabilize the value and potentially increase the price. The number of SHIB burned in the last 24 hours has increased by 298.21%. This, combined with the previously mentioned indicator, could offer SHIB a higher breakout possibility.
Technical Analysis of SHIB
In the technical consideration of SHIB, it was found that the Supertrend gives a buy signal. However, the Money Flow Index (MFI), which indicates the capital inflow of Shiba Inu, has decreased. This suggests that some investors are realizing their recent gains and some who have been around longer may be counting their losses.
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Our Assessment
If the bulls prevent SHIB from crashing, the MFI could rise. Should the MFI rise, the price of SHIB could rise to $0.000012. This would represent an increase of 17.5% over the current price. Given the current market sentiments, this does not seem impossible.
Sources: Victor Olanrewaju, Ann Maria Shibu, Santiment, TradingView
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| Symbol | SHIB |
| Coin type | Meme Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.00 |
| 24h % | -4.50 % |
| 7d % | -24.45 % |
| 30d % | -11.15 % |
| 60d % | 15.64 % |
| 1y % | 103.59 % |
| Market Cap | $12,494,424,398.00 |
| Official Links | Website |
| Socials | Reddit | X |
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