As a seasoned researcher with extensive experience in cryptocurrencies and market analysis, I have closely monitored the recent price recovery of Shiba Inu (SHIB) and the broader crypto market this week. The SHIB token has shown impressive gains, rising for four consecutive days and reaching a high of $0.000020 – its highest point since June 17.
As a seasoned cryptocurrency investor with years of experience in this dynamic market, I have seen countless price swings and market fluctuations. This week, I’ve observed Shiba Inu‘s price making a significant comeback. Bitcoin and most altcoins bounced back, adding much-needed momentum to the market. Moreover, the crypto fear and greed index has stabilized, indicating a more balanced market sentiment. This trend aligns with my personal belief that the crypto market is cyclical in nature and that every downturn is eventually followed by an upturn. While I remain cautious and keep a close eye on market developments, I’m optimistic about Shiba Inu’s potential for growth in the coming weeks.
The SHIB token has experienced uninterrupted growth for the past four days, peaking at $0.0000020 – a new height not seen since June 17th.
Shiba Inu token burn momentum slows
The surge in Shiba Inu occurred in tandem with Bitcoin reaching an unprecedented peak of $65,000 since late June, and the crypto fear and greed index nearing the coveted level of 60 in the greed zone.
I’ve observed a notable surge in the value of several meme coins recently. According to previous reports, tokens such as Pepe, Floki, Dogewhiz, and Brett experienced gains exceeding 20% within just a few hours.
Significantly, the daily trading volume of Shiba Inu at $650 million was dwarfed by Pepe’s substantial $2.9 billion. Additionally, it fell short of Dogewifhat’s and Floki’s volumes, which stood at $978 million each. This implies that Shiba Inu, alongside Dogecoin, is experiencing a decline in trader interest.
Recent on-chain data indicators reveal a decrease in Shiba Inu token burns over the past few weeks. The most significant burn occurred on the 11th of this month, with users incinerating approximately 72 million tokens. Since then, the daily average has dropped below 200,000 tokens.
Shiba Inu monthly burn
Crypto investors have shifted their attention towards analyzing Shiba Inu’s price chart to gauge if the current market upturn will persist.
Shiba Inu price crossed a key resistance
SHIB price chart
As an analyst, I’ve observed that the cryptocurrency token experienced a rebound on its daily chart following the formation of a hammer pattern on July 5. This hammer pattern, which is widely recognized as a bullish reversal signal in the market, suggests that buying pressure has emerged after a period of selling pressure.
The price of Shiba Inu has surpassed the significant resistance level at $0.000018, which was its lowest peak on April 13, indicating that it is picking up speed.
As a crypto investor, I’ve noticed that the token’s progress has encountered significant resistance around the 200-day Exponential Moving Average (EMA) mark.
As a crypto investor, I would interpret this as follows: If the token manages to surpass its current Exponential Moving Average (EMA) and finish above its intraday peak of $0.000020 in one trading session, it will signal further potential for growth. Conversely, if it fails to achieve this milestone, it may form either a doji or shooting star candlestick pattern, which could indicate a reversal and the continuation of its downward trend.
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2024-07-16 16:20