Investors appear to have retreated with cryptocurrencies across the board left in the hands of the bears. The second most popular meme coin, Shiba Inu is trading at $0.00001235 due to regulatory pressure, down from its recent 2023 high of $0.00001590. However, the short-term outlook for SHIB suggests a possible trend reversal in the coming days, especially if the support at $0.000012 holds firm.
Shiba Inu Value Recovery Potential Evaluation
Massive overhead pressure in the crypto market brought down the listing of SHIB on BinanceUS on 24 February. BinanceUS is a subsidiary of Binance.com, the world’s largest crypto exchange by daily trading volume.
Investors can now buy and sell the second largest Mem coin using the SHIB/USD pair on a dedicated platform serving US-based clients. Investors expecting a positive response to this exposure were disappointed by the downward movement of the Shiba Inu’s price.
At the time of writing, the Shiba Inu price has cumulatively lost 8.1% for seven days including a 2.5% drop in the past 24 hours. Live price data by Coinmarketcap broke the Band-Aid, showing a 10.21% decrease in 24-hour trading volume to $192 million.
An increasing negative change in volume refers to a higher volume that is unduly affecting the asset. This suggests that fund outflows outnumbered inflows and deprives Shiba Inu price momentum to reverse the trend.
Will the Shiba Inu make a comeback in price?
Shiba Inu price traded above a key support provided by the lower ascending trend line shown on the daily chart. Slightly below this level is the 50-day exponential moving average (EMA) (red line). Furthermore, the downside of SHIB is protected by a huge seller congestion area that appears to be in the lower yellow band.
Stochastic Oscillator positioning – close to the oversold zone, coupled with solid support above, Shiba Inu price is on the verge of ending the pullback. That’s why investors should be SHIB ready to buy and fill your bags in a jiffy Possibly start the rally with a green candle above $0.000012.
If push strikes and the decline accelerates, the 100-day EMA (blue colored line) will help absorb remaining selling pressure before the price moves higher, currently holding ground at $0.00001138.
Extending the leg to $0.00001 would be a bit of a stretch for SHIB, however, if this happens, bulls would gather momentum to buy the coin at lower prices, thus building momentum for a significant trend reversal.
IOMAP by IntoTheBlock (ITB) strengthens the buyer rush at $0.000011 as shown by the largest green circle on the chart below. Note that approximately 18.58k addresses had previously purchased 75.15 trillion SHIB in that range. In other words, investors in the cohort are in profit and will not be willing to sell, but resume the rise of the Shiba Inu.
On the upside, the lack of a strong supply sector means that the recovery will start soon. As shown on the daily chart, with a minor push, the Shiba Inu price will quickly move higher to tag the resistance at $0.000014. A break and hold above this level is necessary to clear the way for $0.000018 and $0.00002 in the coming days – possibly weeks.
Shiba Inu Buying Choices Today
If you are looking for SHIB as well as other high potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed by SHIB. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
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