Home
News
- As per the Santiment, SHIBA along with the other coins is seeing a huge spike in the whale activity.
- Technical indicators of SHIB are favoring huge upside trend. It is currently trading near $0.00001412 with a 2% spike in intraday session
Shiba Inu is a cryptocurrency that has gained significant popularity in recent times. Shiba Inu is a decentralized digital asset that operates on the Ethereum blockchain and is designed to provide an alternative to other cryptocurrencies like Bitcoin and Ethereum.Shiba Inu is unique in the sense that it utilizes a token economics system that is designed to distribute tokens to users through a “burn and mint” mechanism.It means that when a user transfers their tokens, a small percentage is burned, reducing the overall supply and increasing the value of remaining tokens.Shiba Inu is also known for its meme-inspired marketing strategies and has built a strong community around its brand. The token is listed on several popular exchanges and can be traded for other cryptocurrencies or fiat currencies.SHIBA INU is currently seeing a spike in the whale activity and can see a strong rise in the future.
Shiba Inu is currently ranked 13th in the cryptoverse and has a market cap of $7 Billion.Volume of the SHIB has seen a decrease of 3.34% in the intraday session.Volume to market cap ratio of the SHIB suggests a consolidated trend.
Is SHIB Bulls Ready For An Upside?
The weekly technical chart of the SHIB suggests a consolidated trend in price. On the daily chart it is moving near the value of $0.00001409 and has seen a fall of 2% in the intraday session. It is currently moving in a consolidated trend and can move to a new high. Resistance of SHIBA Inu can be seen near $0.00002.Meanwhile the support of the asset price can be seen near $0.000080.It is trading above the 50 and 100 Daily Moving Average. There is a positive crossover which can push the asset price to a new high.
RSI of the SHIBA is near 69 suggesting its presence in oversold zone. There is a negative slope suggesting a downside trend.
Conclusion
SHIB is currently seeing a spike in the whale activity which can be a good sign for investors. Various analyst are expecting a strong upside trend in the future.
Technical Levels
Major Support:$0.000008
Major Resistance:$0.00002
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
