Shiba Inu might finally be on the verge of entering a proper uptrend as the asset is slowly regaining strength at around $0.0000016. The current price dynamic even suggests a possibility of a further breakthrough as SHIB's volume is also recovering.
According to the chart, Shiba Inu has been varying roughly around the $0. 000016 mark, with some encouraging indications of a potential recovery. It appears that SHIB is stabilizing after a period of decline, as evidenced by the recent price movement, which is gradually rising.
SHIB/USDT Chart by TradingView
There is a trend of the 50 EMA above the price and a support level of the 200 EMA. Positioning like this usually signals a consolidation stage during which the asset builds up steam for a possible breakout. As SHIB is not in the overbought area there may be room for upward movement, according to the Relative Strength Index of 43.
The bottom portion of the chart indicates a recent increase in trading volume, which lends credence to the notion that SHIB is gaining popularity and activity, both of which could raise the stock's price. Further understanding of SHIB's present market position is offered by the on-chain data.
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There have been 57 significant transactions in the past 24 hours, with 199 transactions on July 5, 2024, marking the seven-day high. Large holders are acting significantly, which could be a bullish indication. Furthermore, there have been 1.65 trillion SHIB in transactions in the last 24 hours, with a seven-day high of 5.71 trillion SHIB on July 8, 2024.
This volume indicates that major participants are likely trading SHIB, which may have a positive effect on the price of the cryptocurrency. Out of the three neutral, two bullish and one bearish indicators, the signals summary indicates Mostly Bullish sentiment. The neutral net network growth indicates that interest in the asset is fairly steady.
