💥💥💥 $SHIB ’s Shiba Inu Army: Can They Keep the Momentum Going?
The Shiba Inu (SHIB) community recently experienced a surge of excitement following a post from the official Shiba Inu account on X. The post echoed a similar one from Ethereum cofounder Vitalik Buterin, featuring a bull image with the caption "Shiba is good." Buterin's previous "Ethereum is good" tweet had briefly pushed ETH’s price upward, sparking similar hopes among the SHIB Army.
The SHIB community quickly rallied around the post, reflecting a bullish sentiment. The bull image & positive message were designed to bolster confidence in SHIB's potential, showcasing the significant influence social media can have on crypto markets, especially when figures like Buterin are involved.
Currently, Shiba Inu’s price sits at $0.000014, with a 24-hour trading volume of $195,844,790. Despite a slight 0.06% increase in the past 24 hours, the token's broader market trend shows a gradual decline. The market cap is $8.24 billion, with a circulating supply of 589.27 trillion SHIB coins.
Technical indicators are sending mixed signals. The RSI, at 45.49, points to neutral to slightly bearish sentiment, while the MACD suggests potential short-term bullish momentum, although the overall trend remains bearish.
In the derivatives market, SHIB shows a generally bullish sentiment across major exchanges. While trading volume decreased by 15.79% to $44.8 million, open interest saw a slight rise to $28.34 million. The overall long/short ratio of 1.0268 indicates cautious optimism among traders, but the high number of long positions raises the risk of a potential long squeeze.
According to Changellyblog, SHIB's price is forecasted to range between $0.0000159 and $0.0000181 in December 2024, with an average of $0.0000170. This suggests potential growth, though volatility remains a significant factor.
The SHIB Army faces challenges in maintaining momentum. Despite strong social media support & bullish sentiment, traders should remain cautious of market risks.
Source - coinedition.com
