Shiba Inu Crypto: Potential Rise Amid Market Uncertainty
The Essentials in Brief
The cryptocurrency Shiba Inu (SHIB) is at the center of many discussions, whether it can eliminate another zero in its course value and surpass its all-time high. Current analyses and market indicators provide mixed signals, highlighting both the possibility of an increase and the risk of further declines. In this post, we shed light on the current developments and forecasts around SHIB.
Market Analysis and Current Situation
At the current time, SHIB is trading at $0.000023, which represents a decrease of 73.02% compared to its peak in October 2021. In the last 30 days alone, the currency recorded a further decline of 3.20%. However, analysts, including SHIB KNIGHT, remain optimistic and see the potential for SHIB to reach the $0.0001 mark.
Resistances and Supports in Focus
The last significant price movement, in which SHIB eliminated a zero, took place in February. However, current indicators, such as the Bulls and Bears indicator from IntoTheBlock, show that the bears dominate with an overhang of selling pressure. This suggests possible further price declines.
Technical Perspectives
From a technical point of view, SHIB is in a tight trading range with no clear direction. A key support is at $0.000022. Breaking through this mark could lead to further losses. On the other hand, a rise above the resistance at $0.000027 could increase SHIB by 64.01% to $0.000038.
Network and Transaction Analyses
The Network Value to Transaction (NVT) Ratio, which measures the ratio between the network value and the transactions carried out, suggests that the Shiba Inu network could be undervalued compared to the transactions. This could speak for a price increase in the medium term, although sideways movements are to be expected in the short term.
Our Assessment
The question of whether Shiba Inu can eliminate another zero and surpass its all-time high remains open. While some indicators and analysts speak for a bullish scenario, others point to ongoing challenges and possible price declines. Investors should closely monitor developments and base their decisions on a broad data basis.
Sources:
– AMBCrypto
– IntoTheBlock
– Glassnode
– TradingView
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