The Shiba Inu (SHIB) token is currently in an interesting position in the market. The price is hovering near a significant support level, indicating a potential turning point for the cryptocurrency.
Shiba Inu (SHIB) is trading at $0.00011604 and this support level is a critical area where the price has historically bounced back after a downward trend, suggesting that the market sees value in the token at this price.
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Show more +The price movement of SHIB has formed a triangle pattern, a common technical analysis indicator. Triangle patterns can signal a continuation or reversal of the current trend, depending on the direction of the breakout. In this case, the expectation is for a positive breakout, which could lead to a price gain.
Source: TradingView
The market dynamics for SHIB also suggest a potential upward movement. The presence of many range-bound candlesticks indicates a period of consolidation. This is often seen as a period of indecision in the market, where the forces of supply and demand are roughly balanced. Following such periods, a strong price movement often occurs as the market makes up its mind. The expectation here is for a “pump”, or rapid price increase.
The range market scenario, characterized by many range candlesticks, is also an acceptable scenario. In a range market, the price oscillates between a high and a low range. This type of market can offer opportunities for traders to buy at the low range and sell at the high range.
Shiba News That Can Positively Affect the Price
The popular cryptocurrency can now be sent and received on major social platforms including Twitter, Discord, and Reddit. This integration, facilitated by GetPip.com, opens up new avenues for SHIB transactions, making it more accessible and convenient for users worldwide.
The process is straightforward, with users able to issue and get paid with invoices, accept SHIB payments with a Pay Button, and collect SHIB payments via a personal Web3 profile. This integration is expected to increase the utility and accessibility of SHIB, potentially boosting its adoption among the digital community.
The Shiba Inu coin and its upcoming blockchain platform, Shibarium, have been making waves in the cryptocurrency world. With over 20 million transactions since the launch of the test network, or “puppy net,” and nearly 17 million wallets, the Shiba Inu ecosystem is growing at an impressive pace.
Despite the current market conditions, the developers have indicated that they are aiming for a July or August release for Shibarium. This gives the market some time to recover and could potentially lead to a more positive reception for the new platform
Conclusion
In conclusion, the current technical analysis indicators for Shiba Inu (SHIB) suggest a potential upward price movement in the near future. However, as with all forms of investment, it’s important to do your own research and consider the inherent risks involved.
