In recent market events, the cryptocurrency known as Shiba Inu (SHIB) has demonstrated a fluctuating performance sure to capture the attention of ardent crypto followers. Over a period of seven days, SHIB managed to mark an uptick of 5%, enhancing its price to $0.00000781. Ironically though, the rise was fleeting, replaced by an immediate downward trajectory that saw the digital currency test the double bottom support at $0.00000740. This same zone coincides with an upward trendline, emphasizing its importance.
Currently, the price of Shiba Inu (SHIB) hovers at $0.000007. Its 24-hour trading volume rests at a notable $128,372,878, yet within 24 hours, Shiba Inu stumbled, declining by 3.07%. According to CoinMarketCap, SHIB ranks in the 18th position, backed by an absolute market cap of $4.4 billion and an approximate circulating supply of SHIB coins at 589,347,837,211,088.
Forecasting the future, Shiba Inu (SHIB) is now trading just beyond the 0.00000740 mark, having grappled with resistance at $0.00000781. A detailed look at the four-hour timeframe reveals a presence of Doji and bullish engulfing candles, signaling a strong bullish sentiment permeating the market. Additionally, the 50-day exponential moving average and the RSI indicator allude to a selling trend, suggesting Shiba Inu is lingering in the oversold zone. A situation such as this may present an enticing buying opportunity for investors.
However, savvy observers should note the $0.00000740 level as one of high importance for Shiba Inu. Should SHIB ascend above this line, one can expect further upward movement. Yet, a plunge below this mark could trigger a bearish trend and potentially see SHIB searching for support around $0.00000701. As such, this level serves as a pivot point, counselling potential buyers to scout for opportunities above this mark.
For those interested in venturing beyond SHIB, resources such as the expert-chosen list of the top 15 most promising digital assets to watch in 2023 are invaluable. The list, curated from sources like Industry Talk and Cryptonews, provides professional recommendations and insights and can be a beacon guiding enthusiasts through the digital waters of the crypto world. Remember, crypto investments carry significant risk and this piece serves a purely informational purpose. Your capital is at risk.
Source: Cryptonews
