SHIB Shows Signs of Short-Term Recovery
Key Takeaways
Shiba Inu (SHIB) may be on the verge of a breakout. The cryptocurrency is showing signs of a short-term recovery, while long-term uncertainties remain. Technical indicators suggest a potential price increase, especially if the resistance level of $0.00001260 is breached.
Technical Analysis: Indicators and Price Trends
SHIB is currently in a falling wedge pattern – a classic signal for a potential upward trend reversal. If the price surpasses the resistance at $0.00001260, a short-term rally to $0.00001280 could follow. In the mid-term, an increase to $0.00001320 is also possible.
The Relative Strength Index (RSI) has risen from 43 to 51 in the past 24 hours, indicating increased buying activity. The MACD (Moving Average Convergence Divergence) indicator also shows bullish momentum. While short- and mid-term moving averages generate a buy signal, the long-term trend remains bearish.
Market Trends and Influencing Factors
Several developments could support SHIB’s short-term recovery:
– **Shibarium Blockchain**: Shiba Inu’s Layer-2 solution is approaching the 10 million block mark.
– **SHIB OS**: A planned operating system for decentralized governance models could boost adoption.
– **Whale Activity**: 74% of SHIB’s total supply is held by large investors. An increase in large transactions indicates heightened market activity.
Additionally, SHIB has a high correlation with Bitcoin. If BTC continues to rise, this could positively impact SHIB as well.
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Key Price Levels
– **Resistance Zones**: $0.00001280 to $0.00001320
– **Support Level**: $0.00001220
A sustained breakout above $0.00001260 could trigger a price rally. Otherwise, there is a risk of further sideways movement or a decline to the support level.
Our Assessment
Shiba Inu is showing short-term bullish signals, but the long-term outlook remains uncertain. Traders should closely monitor resistance and support zones. Whale activity and market trends could play a crucial role. Investors in SHIB should also keep an eye on Bitcoin’s performance due to the strong correlation.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.17 |
| 24h % | -1.82 % |
| 7d % | 1.39 % |
| 30d % | -32.04 % |
| 60d % | -55.85 % |
| 1y % | 26.37 % |
| Market Cap | $25,259,315,599.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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