Shiba Inu Price Prediction as $200 Million Trading Volume Comes In – Time to Buy?
As Shiba Inu (SHIB), a cryptocurrency initially categorized as a ‘meme coin’, continues to gain traction in the digital currency space, it’s drawing significant market attention. Trading at $0.000008, SHIB has notched an impressive 24-hour trading volume exceeding $208 million.
Despite its whimsical inception, Shiba Inu has evolved into a formidable player in the cryptocurrency arena, now holding the 19th spot in terms of market capitalization, valued at around $4.78 billion.
With a circulating supply reaching a colossal 589.35 trillion coins, SHIB’s extensive reach is notable, though its total supply is yet to be defined.
This surge in trading volume and market position raises a pivotal question: Is it the right time to invest in Shiba Inu?
From a technical analysis perspective, SHIB/USD presents a mixed picture. The coin’s pivot point is at $0.0000082, a crucial level for determining its immediate direction. It faces immediate resistance at $0.0000086, followed by successive resistance levels at $0.0000089 and $0.0000092.
These points are critical in assessing whether SHIB can shift its trajectory upward. Conversely, support levels at $0.0000079, $0.0000076, and $0.0000073 will be key in preventing further declines. The Relative Strength Index (RSI) for SHIB is currently at 41, reflecting a bearish sentiment as it is below the neutral 50 mark.
This suggests the potential for a downtrend or at least a lack of strong upward momentum. Complementing this is the 50-Day Exponential Moving Average (EMA) standing at $0.0000083, indicating that SHIB is trading below this mark, reinforcing the bearish trend.
The chart analysis reveals a downward trendline providing resistance at $0.00000860, coupled with a 50 EMA bearish crossover and
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