Shiba Inu, the world’s second-largest meme-coin, has demonstrated a bullish trend, growing by more than 1.13% in the last day. With an increasing number of investors drawn towards its potential returns, the cryptocurrency’s future looks promising.
Experts predict that this upward trend might continue due to the widespread interest in meme-coins. Additionally, social media buzz appears to be fueling Shiba Inu’s popularity among investors.
However, potential investors must remain wary and informed about market dynamics. Analysts observed that the meme-coin reached a peak price of $0.00002924 on May 29th before several market adjustments moderated its value to a support level of $0.00002437.
Investor reactions have been mixed, with some hopeful for another surge, while others are apprehensive about downward trends. The ongoing debate about the meme-coin’s legitimacy further complicates the situation.
If Shiba Inu fails to surpass this key resistance point, its value might decrease further to $0.000020.
Shiba Inu coin’s rising growth potential
Conversely, a successful resistance trial could trigger a bullish rally, potentially lifting the price back up to its recent peak.
At present, Shiba Inu trades at $0.00002499 with a total market value of $14.7 billion, earning it the 11th spot in the global cryptocurrency market. Following a decrease in whale activity, indicators suggest increased buying pressure, possibly due to a predicted price increase.
Despite this, Shiba Inu’s ‘neutral’ fear and greed index rating of 41 suggests potential market fluctuations. Analysts are eyeing key indicators like the Moving Average Convergence Divergence (MACD), Chaikin Money Flow (CMF), and Relative Strength Index (RSI) for insights about a probable bullish trend. Other positive signals for bullish momentum include an increase in volume as shown by the On-Balance Volume (OBV) and an upward movement in the Stochastic Oscillator.
Bollinger Bands are also expanding, indicating increased market volatility and a potential upward price trend. As bullish sentiment remains strong, investors are advised to also consider market news and perform a fundamental analysis for well-informed decisions.
