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Shiba Inu (SHIB) has demonstrated a notable uptrend in its recent trading sessions, as evidenced by its current price of $0.00001423. Over the last 24 hours, SHIB has seen a trading volume of approximately $196 million, marking a 3.98% increase. This analysis aims to dissect the technical movements observed in the provided charts, which cover various timelines and technical indicators.
The intraday trading chart reveals a consistent uptick in SHIB's value, with a noteworthy recovery from its earlier dip. The price has gradually climbed from a low near $0.00001390 to $0.00001425. This movement suggests a strong buying pressure at lower levels, indicating an optimistic sentiment among investors in the short term.
The daily chart showcases a series of price fluctuations with candles approaching 50-day Moving Average (MA). This MA has acted as a pivotal line, sometimes serving as support and other times as resistance. Currently, the price is below this MA, and needs to break above it for a bullish outlook. The presence of mixed green and red candles speaks to the ongoing battles between bulls and bears, making the next move highly contingent on broader market sentiments.
The Shiba Inu (SHIB) cryptocurrency has demonstrated a notable shift from bearish trends to potential bullish momentum in recent trading sessions. Observing the 4-hour trading chart, SHIB's price has been on the rise, currently marked at $0.00001423, reflecting a gain of over 3%. This increase is a continuation of a recent pattern where SHIB has formed a series of higher lows and higher highs—a classic indication of growing bullish sentiment among traders.
The price movement has brought SHIB to a crucial juncture, where it now tests the 20-EMA (Exponential Moving Average) at $0.00001379, serving as a pivotal support level. A decisive break above this mark could set the stage for an approach towards the 50-EMA at $0.00001476, anticipated to be a significant resistance point soon.
The Relative Strength Index (RSI) for SHIB currently reads at 65.53, situated comfortably above the neutral 50 mark but yet to breach the overbought threshold of 70. This placement suggests there is ample scope for further price appreciation before SHIB reaches an overextended state, which could prompt a retracement. Traders should remain vigilant as the asset approaches the overbought region, where the likelihood of potential pullbacks increases.
At the same time, Awesome Oscillator (AO) bars have turned from red into green and are growing larger. This transition indicates that buyers’ momentum may continue pushing prices upward as more market participants become persuaded to buy SHIB tokens for their portfolios.
SHIB’s immediate future looks positive if it can keep above the 20-EMA. The next trading sessions will be vital in establishing whether SHIB can continue to maintain its upward trend. Traders should keep an eye out for a close above $0.00001400 daily, which would confirm the bullish price action and potentially trigger more gains. Conversely, losing support at $0.00001379 could send SHIB drifting towards the next low around $0.00001367, putting the ongoing uptrend under pressure.
Amidst celebrations of Shibarium’s first anniversary by the Shiba Inu community, a significant token burn event has surfaced as one of the major highlights that have caught market participants’ attention. Within twenty-four hours, this Shiba Inu team has burned over two million SHIBs resulting in a 1000% spike in burning speed and approximately 583 trillion tokens remaining in circulation. Additionally, this decline coincided with an impressive appreciation of 3% for SHIB within the last day giving rise to hopes among stakeholders that there could be a possible increase in value.
This important milestone for Shibarium is not only highlighted by a substantial token burn; rather, it also signifies an overview of its remarkable operation throughout this period. Since its establishment back in August 2023, Shibarium has experienced rapid growth by registering over 417 million transactions and growing its network to have about 1.813 million wallet addresses. Three key hard forks—Delhi, Indore and Shanghai—have further strengthened its foundational infrastructure and made it attractive to all categories of crypto enthusiasts across different blockchain communities.
