Shiba Inu’s price is showing strong growth despite the ups and downs in the market, suggesting a bullish trend and catching the interest of investors.
Shiba Inu’s price has surged notably in the past day, breaking through the resistance level of $0.000028. This indicates a strong bullish trend for the meme-based coin, despite the unpredictable nature of the market.
Shiba Inu Market Update: Fluctuations and Trader Interest
In the recent hours, Shiba Inu’s market value has shown significant fluctuations. Starting with a dip to $0.0000274, the cryptocurrency swiftly rose to $0.0000294 before slightly correcting to settle at $0.00002855.
Despite the volatility, trading volume surged by 31.59%, reaching an impressive $752.92 million over the last 24 hours. However, the market capitalization experienced a slight decline of 0.68%, maintaining Shiba Inu’s position at 12th in market rankings with approximately $16.82 billion.
Shiba Inu’s circulating supply remains vast at 589.29 trillion coins, closely matched by its total supply. Investors and enthusiasts of this meme-based cryptocurrency are closely monitoring these rapid changes, reflecting the dynamic and unpredictable nature of the cryptocurrency market.
Over the past week, SHIB’s value increased slightly, with trading ranging between $0.000028 and $0.000025. However, the coin witnessed a downtrend of 19% over the past month after a market pullback from $0.000035. Despite this, the recent surge suggests a potential reversal from the bearish trend, hinting at a more bullish outlook in the near future.
Shiba Inu Coin Listing on Nexo and Price Analysis
Shiba Inu Coin has achieved a significant milestone with its listing on Nexo, a leading international cryptocurrency exchange. This addition brings a range of new features for Nexo users to manage their SHIB assets conveniently.
Investors now have the option to purchase SHIB directly using their debit or credit cards, simplifying the buying process without the need for complex transfer procedures. Additionally, Nexo introduces a unique opportunity for leveraging SHIB as collateral to borrow various cryptocurrencies, offering enhanced financial flexibility to users.
Currently, Shiba Inu Coin faces a crucial resistance level at $0.000029. A breakthrough above this level could propel its value towards $0.00005, potentially marking a significant milestone towards reaching the elusive $0.001 mark.
Conversely, a decline could see SHIB retreat to a support level around $0.000025. In a more pessimistic scenario, negative market sentiment might drive SHIB’s price down to $0.00002 or even below $0.000009, indicating a challenging period ahead.
Shiba Inu Coin Price Prediction| Source: Tradingview
Daily technical analysis provides an optimistic outlook for SHIB. The Relative Strength Index (RSI) currently stands at a neutral 53, nearing the overbought zone. Meanwhile, the Average Directional Index (ADX) records 23.54, highlighting the strength of the current trend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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