- Shiba Inu’s price has seen a notable increase of over 1.13% in the past 24 hours.
- Market indicators are currently showing positive signals for the memecoin.
- “SHIB’s recent price action hints at a potential resurgence,” according to market analysts.
Discover the latest developments in Shiba Inu’s price movement and market outlook in our in-depth analysis.
Shiba Inu reaches a pivotal support level
Recent data from CoinMarketCap shows that Shiba Inu, the world’s second-largest memecoin, saw its price surge to $0.00002924 on May 29th. However, this momentum was short-lived as the coin faced multiple price corrections, ultimately pushing it down to a key support level of $0.00002437.
Potential Scenarios for SHIB
Should SHIB fail to hold its ground at the current support level, a drop to $0.000020 could be imminent. Conversely, a successful test of the support could ignite a bull rally, propelling SHIB back to the $0.000029 mark.
Is a bull rally on the horizon?
The likelihood of a bullish breakout is relatively high, given SHIB’s recent 1.13% price increase within the last 24 hours. At present, SHIB is trading at $0.00002499 with a market cap exceeding $14.7 billion, placing it as the 11th largest cryptocurrency.
Market Sentiments and Trends
Analysis of Santiment’s data reveals that after a brief rise last week, SHIB’s supply on exchanges decreased on June 2nd. This trend suggests growing buying pressure as investors anticipate a price increase. However, whale activity around SHIB has declined, as evidenced by fewer large transactions.
Moreover, the weighted sentiment for SHIB turned negative, indicating a predominance of bearish sentiment. Shiba Inu’s fear and greed index currently stands at 41, marking a “neutral” market phase and potential volatility in the near term.
COINOTAG’s examination of SHIB’s daily chart underscores the ongoing tug-of-war between bulls and bears, with technical indicators offering mixed signals. The MACD data shows a struggle for dominance, while the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are both trending upwards, hinting at bullish potential.
Conclusion
In summary, Shiba Inu’s market performance is at a crucial juncture. While the recent bullish indicators and reduced supply on exchanges are promising, the overall market sentiment and whale activity suggest a cautious approach. Investors should closely monitor the support level of $0.00002437, as a successful test could herald a new bull rally for SHIB in the coming days.
