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Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?

People who are interested in investing in cryptocurrencies are shifting their attention to possible chances in the market as the holiday season draws near. As a noteworthy option for seasonal gains, Shiba Inu (SHIB) has a distinctive combination of appeal, volatility, and prospective returns.

Lead developer of Shiba Inu, Shytoshi Kusama, recently provided insight into the meme coin’s endeavors as it progresses in the cryptocurrency space.

Kusama Unveils Shiba Inu Community’s Ingenuity

Kusama, a well-known figure in the cryptocurrency sector, provided some new perspective into the remarkable efforts made by the Shiba Inu community to improve the token’s complex economics through an engaging series of social media posts.

The thriving and dynamic community that supports SHIB has shown an unwavering dedication to increasing the Shiba Inu token’s overall value and utility.

Through his posts, Kusama revealed a patchwork of projects that aim to strengthen the Shiba Inu ecosystem, from creative staking techniques to decentralized apps (DApps).

The focus on community involvement in tokenomics development demonstrated a shared goal of establishing Shiba Inu as a strong and long-term digital asset.

At the time of writing, SHIB was trading at $0.000010, making a surprise increase of 13% in the last 24 hours, and sustaining a 9% gain in the last seven days, data from Coingecko shows.

The announcement by the Shiba Inu (SHIB) community to burn billions of tokens in the near future clearly had a good effect on the meme coin’s price today. Kusama’s emphasis on this action marks a substantial transition for SHIB from its meme-centric beginnings to a global standard in the cryptocurrency and blockchain space.

Interest in SHIB is growing because of the upcoming token burn, which could enhance the community’s dedication to guiding SHIB’s development and raise its perceived value.

The administrator of the Shiba Inu Discord channel, who goes by the handle DaVinci, took to Telegram’s “Shibarium Tech” channel to make a significant statement to the Shiba Inu community.

He gave the SHIB army’s expectation that the 25 billion SHIB on Shibarium would burn earlier this week some context.

He said that SHIB burns might occur at any time and that the SHIB crew is hard at work planning them. As “everything has to happen in the correct way,” he advised the people to “take it easy.”

SHIB Burns Surge

Three unique addresses are used to compute burns: tokens transferred to the Genesis address, which lowers the supply, and two dead wallets with no accessible keys.

The SHIB burn rate has increased significantly by 10.07% in the last 24 hours, destroying 1.18 million coins, as of this writing.

Source: Shibburn

The SHIB developers moved an incredible 8 billion SHIB to a dead-end blockchain address earlier this month. Regarding the current SHIB burning, only 1,184,166 SHIB were destroyed in the last day.

Meanwhile, SHIB has taken the top spot on the list of meme coins with the highest level of social activity, according to recent research from Crypto Dep.

The information, which comes from the reliable social intelligence site Lunar Crush, highlights how dominant Shiba Inu is in comparison to other well-known meme-based cryptocurrencies like DOGE, FLOKI, and PEPE.

Featured image form Shutterstock

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Solana’s BONK Climbs To 3rd Place In Dog Coin Market Cap, Leaving FLOKI Behind

In recent weeks, the Solana (SOL) blockchain has been making waves in the crypto world, with its native token SOL experiencing a remarkable uptrend of 46% over the past 30 days. Alongside this surge, Bonk Inu (BONK), the first Solana-based meme coin, has gained significant traction, solidifying its position as the third-largest dog coin by market capitalization, surpassing Floki Inu (FLOKI).

BONK Rockets To New Heights With 845% Surge In 30 Days

The staggering growth of Bonk Inu is evident in its recent performance, achieving an impressive 845% gain over the past 30 days. The meme coin’s remarkable ascent has propelled it to new yearly highs, while SOL experienced a slight pullback from its peak of $65 on December 2.

Despite the temporary setback for SOL, the bullish momentum and renewed interest in Bonk Inu have caught the attention of market participants. 

As of now, BONK is trading at $0.0000069712, outperforming the broader crypto market with a remarkable 22.4% uptrend in the past 24 hours, aligning with the positive sentiment surrounding Bitcoin (BTC) and the overall market.

BONK

With a market capitalization of approximately $430 million, Bonk Inu currently sits in third place among dog coins, trailing behind the likes of Shiba Inu (SHIB) and Dogecoin (DOGE), which boast market caps of $5 billion and $12 billion, respectively.

CoinGecko data reveals that BONK has witnessed a significant 24-hour trading volume of $65,235,205.16, indicating strong investor interest and active participation in the market.

BONK

The future trajectory of Bonk Inu’s uptrend and its potential for further gains remains uncertain. However, should BONK continue to attract investors, it has the potential to dethrone Pepecoin (PEPE) in terms of market capitalization. As of the latest update, PEPE has achieved a market cap of $592 million.

However, it is important to note that Bonk Inu still has a significant gap to bridge to catch up with the largest dog coins in the market in terms of market capitalization, namely SHIB and DOGE. SHIB and DOGE have demonstrated substantial gains and already possess staggering market capitalizations.

Dog Coins Make Strong Push For Year-End Gains

The altcoin SHIB, built on the Ethereum platform and known for its Shiba Inu mascot, continues to demonstrate consistent gains across various time frames. 

Notably, SHIB has seen a 14% increase over the past fourteen days and an 18% surge over the past thirty days. These positive trends have allowed the dog coin to achieve a slight year-to-date profit of 0.2% after experiencing a significant downturn in 2022.

Presently, SHIB is trading at $0.00000946, representing a decline of more than 89% from its all-time high (ATH) of $0.00008616, reached in October 2021.

Meanwhile, the meme coin DOGE, which has the backing of Elon Musk, is currently trading at $0.09058. It has witnessed an 18% rise over the past fourteen days and nearly 30% growth over the past thirty days, following a sustained upward trend that began on November 21. 

BONK

However, in contrast to SHIB’s price action, DOGE has experienced a 12% decline year-to-date and an 87% drop from its ATH of $0.731578 reached in May 2021.

It remains to be seen whether the dog coins will continue to experience further gains throughout the remainder of the year or if a healthy pullback will occur to surpass upper resistance levels for another upward movement.

Featured image from Shutterstock, chart from TradingView.com 

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Shiba Inu Sees A Whopping 48,000% Increase In The SHIB Burn Rate, What’s Next?

The Shiba Inu community has again ramped up its SHIB burning efforts, causing a massive burn rate spike. Despite SHIB’s tumbling price in the past seven days, Shiba Inu’s burn rate has recorded a nearly 48,000% increase.

The SHIB community is determined to cut down the Shiba Inu circulating supply, a feat that many believe will positively impact the token’s price. 

SHIB Community Intensify Token Burn Efforts Following  Slight Decline

According to data from the Shiba Inu burn tracker, Shibburn, the SHIB burn rate has spiked 47,908% in the last 24 hours. The SHIB ecosystem swept 28.129 million SHIB tokens off circulation into the dead wallet on November 21. Over the past seven days, the SHIB burn rate has increased by 26.29%, with over 290 million tokens wiped off circulation.

According to Shibburn’s data, the most notable burn transaction was a whopping 28.15 million SHIB tokens transferred by an unknown address. The large number of SHIB tokens burned by the anonymous wallet attracted the attention of SHIB enthusiasts. Information on the SHIB burn tracking website shows that the burn transaction occurred 15 hours ago. 

In all these, the SHIB community has removed 410.66 trillion tokens from the initial SHIB token supply. As of writing, approximately 589.34 trillion coins remain as the total Shiba Inu token supply. Also, Shiba Inu’s circulating supply stands at ~580.4 million tokens.

The Shiba Inu community has long been working to reduce the meme coin’s enormous supply and introduce scarcity. Shiba Inu token burns are often sporadic, and some days may witness more token burns than others. Today’s massive increase comes after a 98.79% decline in the SHIB burn rate observed on November 20. 

According to Shibburn’s November 20 report, only 983,884 Shiba Inu tokens were burnt in three transactions. The highest burn transaction was one involving 42,850 SHIB tokens. This figure represented a significant decline from what was observed in the previous days.

Shiba Inu Price Outlook 

While members of the Shiba Inu community believe the token burn spree will positively impact SHIB’s price, the meme coin has followed an opposite trajectory. Its price has been in a downturn in the past week, with a seven-day decline of over 1%. As of the time of writing, Shiba Inu trades at $0.000008345, with a 4% 24-hour decline. 

SHIBUSD price chart

SHIB candles in the past week are below the median band of the Donchian Channel (DC), suggesting a possible decline ahead for the asset. If it drops to the lower band, then the bears may take full control of its price action and could facilitate more downturns. 

But the good news is that SHIB still holds nearly 20% of its past month’s gains. This could mean there is hope for a rebound since the market shows some bullish activity.

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PEPE Roars Ahead: Dominates SHIB And DOGE With Record-Breaking 6.9T Burn

In the ongoing frenzy surrounding meme coins that have captivated the cryptocurrency market throughout 2023, PEPE has experienced a significant resurgence. 

After a prolonged decline from July 14 to October 3, the memecoin halted its downtrend and entered an accumulation phase. Subsequently, it embarked on a renewed bullish uptrend starting on October 20, outperforming Ethereum-based altcoin Shiba Inu (SHIB) and Elon Musk-backed Dogecoin (DOGE) by a significant margin. 

As a result of this uptrend, PEPE has reclaimed its position in the top 100 list of cryptocurrencies, currently ranking 96th.

Bitcoin’s Surge Beyond $35,000 Sparks Market Uptrend

This surge in value has been largely influenced by the market leader, Bitcoin (BTC), which surpassed the $35,000 mark on Tuesday. 

For many, the current uptrend is driven by anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF), which could potentially bring a new wave of capital into the market.

Furthermore, Dogecoin is among the five popular meme coins influenced by Bitcoin’s rise to $35,000. Shiba Inu also experienced a 5.9% gain and is currently trading at $0.00000765, following a similar pattern to DOGE.

In a significant development, the dev team behind PEPE announced on X (formerly Twitter) that approximately 6.9 trillion $PEPE tokens, worth around $6,000,000, have been burned. 

Additionally, a new team of advisors has been brought on board to guide the future direction of Pepe. The original team is exploring using the remaining 3.79 trillion tokens, attributed to the Centralized Exchange (CEX) multi-sig wallet, for strategic partnerships and marketing opportunities. 

The PEPE community can expect regular updates on future token burns, movements, or uses through Twitter and the official telegram channel.

PEPE Price Skyrockets By 25.83% In 24 Hours

As of today, the price of Pepe (PEPE) stands at US$0.000000930549, with a 24-hour trading volume of $455,035,042.79. This represents a significant price increase of 25.83% in the last 24 hours and a 43.63% increase over the past 7 days. 

With a circulating supply of 420 billion PEPE, Pepe currently holds a market capitalization of $398,014,904.

PEPE

On the other hand, SHIB is currently priced at $0.00000739, with a 24-hour trading volume of $314,695,140.13. 

Over the past 24 hours, SHIB has experienced a price increase of 2.72% and a 6.04% increase over the past 7 days. With a circulating supply of 590 billion SHIB, Shiba Inu has a market capitalization of US$4,348,847,496.

Meanwhile, DOGE is trading at $0.065989, with a 24-hour trading volume of $1,064,277,555.26. Over the past 24 hours, DOGE has seen a price increase of 3.02% and an 11.02% increase over the past 7 days. 

With a circulating supply of 140 billion DOGE, Dogecoin holds a market capitalization of US$9,327,269,145.

The recent price movements and market activities of these meme coins reflect the renewed confidence and interest in the cryptocurrency market. Furthermore, these numbers solidify PEPE’s position as the standout performer in the market.

Featured image from Shutterstock, chart from TradingView.com 

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SHIB Frenzy: Robinhood’s 35 Trillion Token Acquisition Sparks Speculation Of Imminent Price Surge

In a bold move amidst the cryptocurrency market’s recent volatility, US-based trading platform Robinhood has significantly increased its Shiba Inu (SHIB) tokens holdings. 

Despite the native token of the Shiba Ecosystem experiencing a downturn, Robinhood has added over 800 billion SHIB tokens to its portfolio.

Robinhood’s SHIB Portfolio Hits The Trillions

On August 30, crypto data tracking platform Arkham Intelligence revealed that Robinhood ranked as the fifth-largest holder of Ethereum (ETH) and owned 34.086 trillion SHIB tokens, valued at approximately $279.85 million.

SHIB

While the broader cryptocurrency industry faced a decline, retail investors saw an opportunity to accumulate assets during the price drop. Between August 31 and September 13, Robinhood’s hot wallets witnessed an influx of 877 billion SHIB tokens. 

One of the brokerage’s known wallets added 579.7 billion SHIB, bringing its total Shiba Inu holdings to 8.02 trillion tokens.

This increase indicates a 2.58% rise in Robinhood’s SHIB holdings, bringing the total from 34.086 trillion to 34.936 trillion as of the current date. Remarkably, just 35 days prior, Robinhood held a mere 20 trillion SHIB tokens, equivalent to around $197.40 million. This surge represents a 74.8% growth in the platform’s Shiba Inu portfolio.

Overall, as Robinhood continues to expand its involvement in the cryptocurrency market, particularly with its increased SHIB holdings, it remains to be seen how this strategy will unfold amidst the ongoing market fluctuations. 

The platform’s move to bolster its Shiba Inu portfolio suggests a long-term outlook and confidence in the prospects of the token and the Shiba Ecosystem.

Shiba Inu’s Layer-2 Solution Hits Impressive Milestones

Shibarium, the highly anticipated layer-2 scalability solution of the Shiba Inu ecosystem, has reached significant milestones, demonstrating its potential. 

The latest data showcases the notable progress of Shibarium, including total blocks, transactions, wallet addresses, and daily transaction volume.

Currently, Shibarium boasts a total of 631,140 blocks. Each block represents a collection of transactions within the Shiba Inu ecosystem. This figure highlights the active usage of the layer-2 solution.

The total number of transactions conducted through Shibarium has reached a remarkable 2,610,228. Moreover, Shibarium has also witnessed a surge in wallet addresses. Currently, there are 1,245,886 wallet addresses within the ecosystem. 

Daily, Shibarium processes an average of 200.88K transactions. This transaction volume further reinforces the layer-2 solution’s ability to handle a substantial load of transactions efficiently. 

SHIB

Despite the positive developments within the Shiba Inu ecosystem and the growing trust from more holders, the SHIB token has only shown profits over the past 24 hours, currently trading at $0.00000740.

However, it is crucial to note that SHIB has experienced significant losses over longer time frames. Notably, it has declined by 7.5%, 28%, and 38% over the fourteen-day, thirty-day, and year-to-date periods.

In the near term, if the token continues to generate profits in the coming days, it may encounter resistance at the $0.00000756 level, presenting a potential obstacle to further price appreciation.

Conversely, if SHIB fails to maintain its current level and continues on a prolonged downward trend, there is a possibility that the token could retrace to its all-time low of $0.00000563. 

This scenario becomes more likely if its last support floor at $0.00000642 does not hold, and positive news regarding the ecosystem and the overall crypto market fails to spur a recovery.

The future trajectory of the crypto market remains uncertain, and it is yet to be determined whether a recovery or further decline reminiscent of the crypto winter is on the horizon.

Featured image from iStock, chart from TradingView.com 

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Shiba Inu Frenzy: Shibarium Surpasses 800,000 Wallets, SHIB Slips 2% On The Sidelines

After overcoming initial setbacks, Shibarium, an Ethereum (ETH) layer-2 (L2) network backed by Shiba Inu (SHIB) tokens, has experienced a remarkable surge in metrics.

With over 820,000 new wallet addresses and more than 90,000 daily transactions, Shibarium has demonstrated its appeal to users seeking faster, cheaper, and more private off-chain transactions while leveraging the security of the underlying Ethereum blockchain.

Shibarium Emerges Strong

Shibarium operates as a layer-2 network built on the Ethereum blockchain, aiming to enable faster, more cost-effective, and privacy-focused off-chain transactions while leveraging Ethereum’s security features. 

The recent increase in Shibarium’s metrics carries significant implications for the Shiba Inu project and its native token, SHIB. 

Furthermore, the growing number of wallet addresses and daily transactions within the network indicates an expanding user base and increased interest in the SHIB token.

On the same note, the rapid growth of Shibarium’s user base demonstrates its potential to enhance scalability and drive wider adoption of the Shiba Inu project. By addressing Ethereum’s scalability limitations through its layer-2 solution, Shibarium aims to improve the user experience by enabling faster and more cost-efficient transactions.

Shibarium scan plays a crucial role in monitoring the network’s progress. The platform’s data reveals surpassing 820,000 new wallet addresses, indicating the growing community embracing Shibarium’s benefits.

As Shibarium’s metrics continue to show positive trends, it bodes well for the future of the Shiba Inu ecosystem and the SHIB token. The network’s ability to provide faster, cost-effective, and private transactions will likely attract more users, driving adoption and strengthening the ecosystem.

Looking ahead, Shibarium is expected to play a pivotal role in supporting the growth and scalability of the Shiba Inu project.

The recent surge in Shibarium’s metrics, with over 820,000 wallet addresses and over 90,000 daily transactions, marks a significant milestone for the Shiba Inu ecosystem. As a layer-2 network built on Ethereum, Shibarium focuses on enhancing transaction speed, reducing costs, and prioritizing privacy.

This achievement is significant for the Shiba Inu project and the SHIB token, demonstrating the network’s potential for scalability, broader adoption, and continued growth. With Shibarium’s infrastructure in place, the Shiba Inu ecosystem is well-positioned to thrive in the evolving landscape of decentralized finance.

Shiba Inu Faces Market Headwinds

Despite recent developments, the Shiba Inu ecosystem faces some challenges, particularly its native token, SHIB, which has been affected by the overall market trend.

SHIB is trading at $0.00000783, reflecting a 2% decline over the past 24 hours. More notably, the token remains significantly below its year-to-date price, experiencing a decline of over 34%.

Of particular concern for SHIB bulls is the key support level at $0.00000762, which has been instrumental in sustaining the token’s price since July and has allowed occasional surges to $0.00001134.

Shiba Inu

However, should the market recover and resume its bullish trend, SHIB may encounter a noteworthy obstacle in the form of its 50-day Moving Average (represented by the brown line in the chart). This Moving Average could substantially challenge the token’s upward trajectory.

Featured image from iStock, chart from TradingView.com 

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Dogecoin Rally Ahead? This Positive Correlation Data Points To A Potential 20% Jump For DOGE

Dogecoin has been one of the cryptocurrencies to watch in the past few weeks. However, the token’s price appears to be slowing down after recording significant bullish momentum.

Interestingly, there might be renewed optimism around the DOGE price, as a crypto analyst has offered insight on what to expect from the meme coin in the coming weeks.

Dogecoin To Experience A 20% Price Rally?  

On Thursday, August 10, crypto analyst Ali Martinez shared data from IntoTheBlock, suggesting that DOGE might witness a positive price movement soon. This suggestion is based on the similarities in the price history of both Shiba Inu (SHIB) and Dogecoin. 

According to his post on X (formerly Twitter), there is a “strong” positive correlation of 0.74 between the two meme coins over the past two months. This indicates that when SHIB’s price shifts, the price of DOGE often moves in the same direction. 

Dogecoin

Interestingly, this hasn’t happened in the past few days, as the DOGE price has not taken significant action. The value of SHIB, on the other hand, has surged by 22% in the last seven days.

However, Ali Martinez noted that “given their high correlation coefficient,” a bullish price movement might still be on the horizon for DOGE. So, investors might want to keep a keen eye on the token’s performance in the coming days.

DOGE Price Stuck In A Range – Price Overview

Dogecoin has struggled to maintain the momentum garnered from Elon Musk’s support a few weeks ago. The meme coin has been trading mainly within a range since then, recording a mere 3.1% gain in the past week.

After reaching a 7-day high of $0.07658 on Saturday, August 5, the DOGE price shed all its gain to trade below $0.073. However, the token’s price is back up, hovering around its weekly high.

This price action underscores the meme coin’s unsuccessful attempts at breaking the $0.08 resistance level. DOGE trades about 5.5% down from the significant $0.08 zone after failing to breach it on July 31.

As of this writing, the Dogecoin price is $0.075739,  having leaped by 0.3% in the last 24 hours. With a nearly $10.7 billion market cap, DOGE ranks as the 8th-largest cryptocurrency.

CoinGecko data reveals that there has been a substantial boost in DOGE’s market activity, with a 17.6% increase in its daily trading volume. The cryptocurrency currently has a 24-hour trading volume of over $430.2 million.

Dogecoin

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Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Shibarium is one of the most anticipated projects, mainly in the Shiba Inu community; most SHIB community members are eager for the launch as it could be enough of a catalyst to pump their SHIB bags. 

Latest on the news about the layer two blockchain scaling solution, the developers announced via a short thread on Twitter earlier today that every transaction on the Shibarium network would result in a burn of Shiba Inu (SHIB) token.

Shibarium Burn Mechanism To Boost SHIB Price Over Time?

Currently, SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion. Its initial total supply was reduced with a recent burn and with the soon-to-be-introduced burning mechanism by Shibarium, SHIB’s price is likely to appreciate as the supply will be reduced.

Though the amount of SHIB token that will be burned after each transaction has not been revealed, the burning mechanism is likely to be a good enough catalyst for not only the SHIB token but the Shibarium blockchain. 

Recent Update Reflects On BONE Token

In its previous update, the Shibarium team cleared some false circulating speculations about the blockchain and what native token it will utilize. Shibarium developers noted that BONE will be the only token that would be used for gas fees and “No other tokens will be necessary to operate within the protocol.”

For context, BONE is a governance token of the Shibaswap ecosystem, allowing the SHIB community to vote on upcoming proposals in the ecosystem. The more BONE coins a user holds, the more weight their vote carries in future proposal.

Though it may seem as though BONE is the main character of the Shibarium blockchain, it is not, but more of a partner that will work hand in hand with SHIB. “Shibarium has been developed for SHIB token and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens,” the Shibarium team announced.

So far, BONE has been moving in a positive direction. With consolidation almost as if it’s waiting for the Shibarium launch to make a significant move, the BONE token currently ranks at a position of 113 on CoinGecko with a market cap of more than $250 million. Its current market price at the time of writing is $1.1, with a 24-hour trading volume of $4.1 million.

SHIB Price Chart On TradingView

SHIB token, on the other hand, currently ranks higher on CoinGecko, owning the 16th position with a market cap almost heading to $5 billion. It currently has a trading price of $0.00000845 at the time of writing, with a 24-hour trading volume of $175 million.

-Featured image: Shib Army News

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All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why?

  • SHIB’s price continues to struggle as price ranges in a descending triangle with a major breakout imminent. 
  • SHIB trades below key resistance as price ranges under 8 and 20-day EMA.
  • The price of SHIB struggles to flip key resistance into support, with eyes set on retesting a high of $0.00002.

Shiba Inu (SHIB), one of the most loved crypto memecoin winning the heart of many after a few months’ surge, could replicate this move. All indicators and patterns show that Shiba Inu’s price (SHIB) is long overdue for a rally to a region of $0.00002 and even high if bulls are willing to push this price to a new height despite the current market downtrend. Shiba Inu (SHIB) has had a favorable response as the prices of altcoins and the crypto market look to bounce from their key support areas, with SHIB’s price looking more stable for a major rally to $0.00002. (Data from Binance)

Shiba Inu (SHIB) Price Analysis On The Weekly Chart.

Despite struggling to break above $0.00012 in recent weeks, the price is rejecting a range-bound movement to trend higher to a region of $0.00002. SHIB’s price found its weekly support at $0.00000780 after the price dropped by over 70% in the past few months, as the current market has not given SHIB the space to trend. 

There is no doubt that the price of SHIB continues to show great signs of recovery, with much data indicating the SHIB army not letting go of the price as the belief that the effort to hold this coin, in the long run, would be rewarded with huge price gain and rallies as the bear market has proved tougher and challenging for many SHIB armies. 

After seeing its price retesting a weekly low of $0.00000780, the price of SHIB rallied in recent weeks to a region of $0.000013 but was rejected in an attempt to break higher for the price to trend. The price of SHIB has maintained a range-bound movement for some time now and could be set for a major rally. 

Weekly resistance for the price of SHIB – $0.000013-$0.00002.

Weekly support for the price of SHIB – $0.00000780.

Price Analysis Of SHIB On The Daily (1D) Chart
Daily SHIB Price Chart | Source: SHIBUSDT On Tradingview.com

On the daily timeframe, the price of SHIB continues to look strong as the price aims to rally to a high of $0.00002 after a successful breakout from a descending triangle creating a more bullish scenario for the SHIB army to place more buy orders.

The price of SHIB currently trades at $0.00001134, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.000011 corresponds to the price at 8 and 20-day EMA for SHIB on the daily timeframe.

SHIB’s price needs to reclaim this region of $0.000013 with good volume for the SHIB army to push the price higher to a region of $0.00002. The current market structure, price actions, and indicators show that SHIB’s rally to $0.00002 is imminent 

Daily resistance for the SHIB price – $0.00002.

Daily support for the SHIB price – $0.00001.

Featured Image From Zipmex, Charts From Tradingview

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TA- Shiba Inu Price Struggles, But Could Be Set For A Major Run

The price of the Shiba Inu (SHIB) could be set for a major run as it holds its support against Tether (USDT). 

Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market as the price of Shiba Inu eyes $0.00001700.

Related Reading: AVAX Holds Steady And Sets Sights On $50 Barrier Breach

The consumer price Index measures inflation in the economy, due to market sentiments this affects the prices of assets. (Data feeds from Binance)

Shiba Inu Price Analysis On The Weekly Chart
Weekly Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com

From the chart, the price of SHIB saw a weekly low of around $0.00000740, which bounced from that area and rallied to a price of $0.00001240.

The price has built more momentum as it faces resistance at $0.00001400.

If the price of SHIB on the weekly chart continues with this bullish structure, it could quickly revisit  $0.00001732.

Weekly resistance for the price of SHIB – $0.00001400.

Weekly support for the price of SHIB – $0.00000995.

 

Price Analysis Of SHIB On The Daily (1D) Chart
Daily Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com

The price of SHIB found strong support at around $0.00001, with what seems to be an area of interest on the daily chart.

SHIB bounced from its support and rallied as it faced resistance to breaking above the 50 Exponential Moving Average (EMA) which corresponds to $0.00001154.

At the point of writing, the price of SHIB is at $0.00001265, trying to break above a ranging channel to the upside.

SHIB is facing a resistance of $0.00001400 to break the channel, If the price of SHIB breaks above the $0.00001400 resistance with good volume the price of SHIB could rally to a high of $0.00001720.

The Relative Strength Index (RSI) for the price of SHIB on the daily chart is above 60, indicating healthy buy bids for SHIB.

The volume for SHIB indicates buy bids, this shows bulls would want to push the price higher.

 

Daily (1D) resistance for SHIB price – $0.000014.

Daily (1D) support for SHIB price – $0.0000115, $0.00001.

Shiba Inu Price Analysis On The Four-Hourly (4H) Chart
Four-Hourly Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com

The price of SHIB has continued to maintain its bullish structure despite retracing to its support that corresponds to its 50 EMA at $0.00001226 on the 4H chart, as the price faces resistance at $0.000013.

SHIB price is $0.00001266, trading above the 50 and 200 EMA with prices of $0.0000120 and $0.00001154 on the 4H chart. These prices would act as support areas for SHIB on the 4H chart.

 

Four-Hourly (4H) resistance for SHIB price – $0.000013, $0.000014.

Four-Hourly (4H) support for SHIB price – $0.00001210, $0.00001154.

 

A break in the resistance would send SHIB’s prices higher.

Featured image from Bitcoinist, Charts from TradingView.com