Shiba Inu slips to 12th position after it failed to build upon the huge upside rally of 14th August. The resultant price action has incited profit holders to book profits as cryptocurrencies are back in their previous consolidation zone. The age of the breakout and the positive move was short-lived. The fundamental use case for the Shiba Inu blockchain is next to nothing, and it rises as the other person is willing to hold Shiba tokens.
The technical analysis projects the growth to be very slow but consistent. Ranking 12th, Shiba Inu has a market capitalization above $7 billion, with more than 90% of the supply limit already being traded on the exchanges. Because of its unusual success story, more than 100s of copycats carry the name Shib in one way or another.
Buyers of SHIB can make a huge profit only if the blockchain is associated with a meaningful transition or supports smart contracts in the coming days. Being a mining token, Shiba validation is already a profitable scenario for miners.
Shiba Inu Price Analysis
Shiba Inu cryptocurrency has gained a positive motion with a slow and consistent up move. On the contrary, the resistance and support levels for SHIB/USD haven’t improved much, with immediate support developing 25% above its June 2022 lows.
The price spike of 14th August touched the immediate resistance of $0.00001716, and despite the failure of its spike, the token has maintained its position above the 100-day exponential moving average. The support provided by the 100 EMA curve, positive trendline and price action-based support of $0.00000973 has offered confidence to prospective buyers of Shiba Inu tokens.
RSI indicator has lost some ground but holds above the neutral zone of 50, with the MACD indicator close to marking a bullish crossover if Shiba maintains its movement above $0.00001300.
As the 100 EMA curve has started to move in a straight line, it would become its stronger support level before this token lunges to retest the selling pressure at $0.0001700. To know the future possible price levels of the crypto, traders should explore our SHIB coin price prediction.
The price action on weekly duration showcases the presence of a toe to toe buying and selling activity. Just as Shiba Inu marked a positive growth of 40% (0.00000487), the following week resulted in a profit booking of $0.00000343). The outlook and development of a red candle for the current week will strengthen the selling resolve, while closing this week on a positive note will empower the three-month trendline.
RSI and MACD have been in neutral territory since last week’s movement has remained in the same zone. Buyers should attempt to book partial profits at repeated intervals.
Credit: Source link
