Is $1 in SHIB's Future Now That the Japanese Exchange Has Added This Coin?12:59 AM・Nov 24, 2023
The current value of the Shiba Inu cryptocurrency has experienced an increase, reaching $0.00000810. This signifies a 2% growth within a 24-hour period, which may be attributed to the market's recovery following the resolution of Binance's legal matter with the Department of Justice.
Nevertheless, the SHIB token has experienced a decline of 11% over the course of one week and a decrease of 5.5% during a two-week period. It is worth noting, however, that despite these recent fluctuations, the meme token has managed to maintain a 7% growth over the last 30 days.
Considering the significant extent to which traders have excessively sold SHIB in the preceding weeks, it is plausible that the cryptocurrency is poised for a series of compensating rallies within the upcoming weeks.
With the expansion of support for SHIB by Japanese exchange BitTrade to encompass loan services, there is a potential for a forthcoming increase in the token's value.
Price Prediction for Shiba Inu Coin Following Inclusion on Japanese Exchange: Assessing the Potential of SHIB Reaching $1
The indications of $SHIB now exhibit a somewhat muted nature, therefore diminishing the validity of any assertion suggesting an imminent rally for the cryptocurrency.
Specifically, the Relative Strength Index (RSI) of the cryptocurrency, denoted by the color purple, is now below the threshold of 50. This indicates a prevailing inclination towards selling rather than purchasing pressure at the present moment.
Similarly, the 30-day average of SHIB has had a halt and currently resides in close proximity to its 200-day average. There is a possibility that it may descend below the latter in the near future.
An additional disheartening indication is the observed decline in the coin's support level (shown by the color green), which has fallen below $0.0000080 within the recent timeframe.
This situation is concerning given that SHIB opened the year at a value of $0.00000810. Therefore, any decrease below this level of support signifies a sustained downward trend.
Nevertheless, the cryptocurrency has had an upward trajectory over the last 24 hours, accompanied with a trading volume of $135 million. This figure is significantly more than the levels observed during previous months when the coin saw a decline.
Currently, the Japanese exchange has extended its support to encompass financing services for SHIB, a development that has the potential to enhance the token's demand over an extended period of time.
The aforementioned great news is complemented by further recent advancements, including the introduction of the Shibarium layer-two network in August, along with the corresponding debut of the Shiba Inu name service in the preceding month.
Based on the aforementioned advancements, it is probable that #ShibaInuUpdate will transition from being perceived solely as a meme coin and witness tangible acceptance in the foreseeable future.
#crypto2023 #ShibaInuRevolution
There is a possibility that the price of Shiba Inu may decrease to $0.000010 during the upcoming weeks, and in the event of a bullish market in 2024, it may perhaps see an increase to $0.000020 or $0.000030.
