The cryptocurrency market never stops to amuse us, and SHIB is no exception. After a series of price surges, largely attributed to the buzz around Shibarium, SHIB has now entered a consolidation phase. This phase is a crucial period for any asset, as it often determines the next direction of its price movement. Let’s delve deeper into the current scenario and future prospects for SHIB.
A top trader on TradingView, known as MadWhale, recently shared insights on SHIB’s price movement. According to the analysis, the SHIB price is currently moving within an ascending channel and is nearing the channel’s support area. This movement can be interpreted as a retest of these support levels. If this analysis holds, a further correction to the downside is the most logical outcome.
However, there’s also an optimistic view. MadWhale anticipates potential gains and a price pump from the first support level, which is set at $0.0000075. But, if SHIB fails to hold this support, the price might oscillate between the daily support area and the support level for several weeks. Despite this range-bound movement, significant gains could be expected from the robust daily support area.
Another top-notch crypto trader, Mags (@thescalpingpro), weighed in on the matter. According to Mags, SHIB is currently showing signs of accumulation, which suggests that the token might have already hit its bottom. While there’s a possibility that the price consolidation could extend for a few more months, the sentiment is that the worst days for SHIB might be behind.
Mags concluded with a bullish outlook for the token: “Expansion Soon!”
However, with the prevailing market uncertainty, there’s a possibility that the Shiba Inu price might experience a minor downtick. This potential pullback could be a retest of the recently breached trendline. Such a retest is crucial as it would determine if the prices can sustain at higher levels, potentially presenting an attractive entry point for prospective buyers. But investors should tread with caution. If the price breaks down below the trendline during this retest, it could negate the bullish outlook.
In a recent update, the current price of SHIB stands at $0.00000895, marking a decrease of 0.51% in the last hour and 3.30% in the past 24 hours. The market cap has also seen a dip, currently standing at $5,277,345,257, a 3.59% decrease. On the brighter side, the token burning activity remains active. In the past hour, 5,301,459 tokens were burnt in a single transaction. However, the past 24 hours and 7 days have seen a decrease in the number of tokens burnt, with a 62.43% and 53.09% decrease, respectively.
In conclusion, while SHIB is currently in a consolidation phase, the future looks promising. The insights from top analysts and the ongoing token burning activity suggest that SHIB might be gearing up for its next big move. Investors and traders should keep a close eye on the developments and make informed decisions.
