Thursday, April 18, 2024

Shiba Inu Shows Signs of Strengthening Momentum Amid Lower Trading Volume.

One of the biggest meme coins in the cryptocurrency world, Shiba Inu, has seen a significant capitulation by SHIB holders over the last two weeks. If the pattern holds, the price of SHIB could see a tremendous surge. On-chain measures support Shiba Inu’s upswing.

On-chain measurements support the SHIB price gains argument.

Throughout the last 12 months, Shiba Inu has seen multiple episodes of significant volume capitulation. Every time SHIB holders experienced significant losses, the price of the meme coin increased dramatically. The price of SHIB rose to its local peak in March 2023 and July 2023, respectively, while SHIB holders experienced losses.

The price of SHIB may soon rise to a local top in the upcoming weeks and months if the trend continues. The Santiment chart below displays the number of losses that traders realized between February 8 and February 20 in addition to large volume trades priced at $100,000 and above.

Since November 22, 2023, the meme coin’s supply on exchanges has steadily decreased. Between November 22 and February 20, SHIB supply decreased from 85.11 trillion to 77.78 trillion. As selling pressure on the meme coin lessens, this represents a notable fall in SHIB supply on exchanges, confirming the theory of SHIB price rises.

The price of Shiba Inus could rise to a high in 2024.

The cost of a Shiba Inu is $0.0000987 as of this writing. At $0.0000968, the 50% Fibonacci retracement of the 2024 peak to the January low, the meme coin is currently above support. Resistance for SHIB may be found at $0.0000997 and $0.00001039. These are the 61.8% and 78.6% Fib retracements. Shiba Inu’s 2024 peak of $0.00001093 is the goal.

The indicator of moving average convergence or divergence points to positive momentum. According to the Awesome Oscillator, SHIB’s upward trend may change. As a result, SHIB may sweep through support at $0.0000968 before accelerating into its objective.

A daily candlestick closure below the 50% Fib retracement could invalidate the optimistic hypothesis regarding the price of Shiba Inu.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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