Shiba Inu (SHIB) Sees Rebound: Eyes Set on $0.00001 Amidst Rising Momentum
Shiba Inu's recent price surge has hinted at a possible turnaround for its holders after a period of disappointment.
Over the last 30 days, the token’s value increased by 12.87%, reaching $0.000008, alleviating losses for many holders.
Diving into the project’s status, analysis based on on-chain data from Santiment reveals that while 480.59 billion transactions were profitable, 254.75 billion faced losses. Notably, short-term holders, despite a recent minor decline, also experienced gains.
A technical view of the SHIB/USD 4-hour chart shows a noticeable increase in the Accumulation/Distribution (A/D) line, indicating a prevailing buying trend. The current A/D value stands at 116.90 trillion, signaling substantial buying activities.
This positive momentum might propel SHIB to surpass the $0.00001 mark, supported by the Relative Strength Index (RSI) at 61.97, affirming robust buying strength. Should the RSI readings increase further, it could lead to the closure of short positions.
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While Shiba Inu’s volume surged to 163.77 million, recent 24-hour price actions hint at a potential slowdown in its upward trend. Additionally, the circulating supply spiked to 21.66 trillion over the last 30 days, signaling increased token usage and a potential rise in selling pressure.
For SHIB to avert sell-offs and aim for the $0.00001 mark, sustained upward price action, complemented by increasing volume, is crucial. These trends will determine the token’s potential future movements.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
