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- 1 Shiba Inu is a meme-based token that is now established as a meme coin.
- 2 SHIB Crypto surged by 38.94% in the last month.
- 3 Bulls are regaining strength and are trying to extend their gains.
Shiba Inu crypto again gaining traction in the crypto world by surging 17.39% in a week and 35.40% in a month. In recent times so much positivity surrounds the crypto SHIB and the community is also showcasing their love and support for the token.
As per the data of Shibburn, in the last 24 hours, the burn rate of SHIB decreased by 79.89%. At the time of writing, more the 410 Trillion Shiba Inu tokens burnt from the initial supply have a max total supply of 999,982,445,024,371 and have a circulating supply of 580,101,168,001,970.
What’s Happening On The Shiba Inu Technical Charts?
Shiba Inu crypto (SHIB) is trading in the bullish zone above the key moving averages and is showing bullish momentum. On the daily charts, Shiba Inu crypto is riding the uptrend and staying above the 50-day EMA.
The price action suggests that the crypto is ready for a significant upward movement, with potential price growth in the next sessions. Buyers are working hard to maintain these levels, showing their confidence in the crypto’s upward direction.
In the recent trading sessions, buyers demonstrated their strength. They also continued to make long positions and accumulated more of the crypto to extend the uptrend.
Shiba Inu crypto indicates the increased activity of buyers in the market. Moreover, the price action still makes higher highs and higher lows on the charts, indicating that the crypto is bullish and not willing to slow down.
The chart structure indicates that buyers are ruling the trend, and the crypto is gradually approaching $0.00001000, which will probably be attained soon. Additionally, the sellers find themselves in a defensive position following the significant vertical surge in the past few trading sessions, surpassing multiple resistance levels. Investors are displaying a strong willingness to pursue this upward movement.
At press time, Shiba Inu crypto is trading at $0.00000942 with an intraday gain of 10.30%, showing bullishness on the charts. Furthermore, the trading volume is 499.059 Million, and the market cap is $5.581 Billion.
Indicator Analysis of Shiba Inu Crypto Price in 1-D Timeframe
Currently, Shiba Inu crypto (USD: SHIB) is trading above the 50 and 200-day EMAs (exponential moving averages), which are supporting the price momentum.
The current value of RSI is 72.83 points. The 14 SMA is below the RSI line at 63.62 points, indicating that the Shiba Inu crypto is bullish.
The MACD line at 0.000000036 and the signal line at 0.00000026 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the SHIB crypto price.
Summary
Shiba Inu crypto (USD: SHIB) technical oscillators support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the SHIB crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $0.000000782 and $0.000000776
Resistance Levels: $0.00001010 and $0.00001100
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
