Can Shiba Inu (SHIB) Build on Recent Gains for a Stronger Rally?
- SHIB has spiked by 5.30%, over the past 24 hours.
- The daily trading volume of SHIB has surged by 43%.
The crypto market exhibits mixed signals while assets are gaining and losing. Analysts anticipate the overall sentiment of the market to gain momentum post-US election. The largest cryptocurrency, Bitcoin is under bearish pressure, trading at $68.7K.
Notably, the dog-themed cryptocurrency, Shiba Inu (SHIB) is one among the top five gainers over the past 24 hours. The meme coin has gained over 5.30% and the trading day opened with the asset traded at $0.00001675. The meme coin price began to climb and hit a high of $0.00001771.
At the time of writing, the meme coin traded at $0.00001759, with the trading volume staying at around $383 million, according to CMC data . Meanwhile, the market observed a liquidation of $654K worth of Shiba Inu during this timeframe.
SHIB has steadily declined by over 4.90% in the past week, charted in red. The meme coin slipped from the $0.00001966 range to $0.00001629. The volatile market occupied space for SHIB, for a possible reversal from the bearish momentum.
On the other hand, around 6 billion SHIB tokens were burned in 105 transactions in October. Moreover, billions of SHIB were transferred to dead wallets and this reduces the total supply of SHIB.
Can SHIB Gain More Ground?
SHIB’s technical indicators highlight the bullish sentiment. The Moving Average Convergence Divergence (MACD) line is settled above the signal line, inferring the current positive outlook, which might lead to the incoming bull run.
Besides, the Chaikin Money Flow (CMF) indicator suggests an increased money flow as the value sits at 0.16. While the daily trading volume of SHIB has increased by over 43%.
Moreover, the daily relative strength index (RSI) is positioned at 58.92, suggesting the neutral condition of the asset. In addition, the asset’s short-term 9-day MA is found below the long-term 21-day MA.
If the meme coin bulls sustain the upside momentum, the immediate resistance is likely to be found at $0.00001812. Consequently, SHIB might test a higher resistance at the $0.00001910 range.
On the flip side, if SHIB fails to hold the bullish ground, the price might slip to the nearby support at $0.00001681. The subsequent support of the meme coin could be found at $0.00001587.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Will Solana (SOL) Cross $185 Post US Election Results?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
State Street Advisor Highlights Bitcoin’s Threat to Gold’s Stability
BREAKING: MicroStrategy Buys 55,500 BTC Worth $5.4 Billion
Sony is supposedly working on a handheld PlayStation console to support PS5 games
Share link:In this post: A Bloomberg report suggested that Sony is working on a handheld PlayStation console that will support PS5 games. The report suggested the possibility of the device being years away from launch. Nintendo is currently the only console with a handheld device and will launch its successor next year, while Microsoft is also working on its handheld console.
UK plans to integrate crypto with traditional finance
Share link:In this post: The UK government is pushing for the integration of traditional finance and crypto assets. Bank of England and the Financial Conduct Authority launched the Digital Securities Sandbox. A Digital Assets Bill was also added to the UK Parliament.