Shiba Inu has seen an unprecedented surge in trading volume over the past 24 hours due to being listed on several cryptocurrency exchanges.
But will the upward trend continue? To understand this better, let's analyze the numbers to gain some clarity.
Price Action
Shiba Inu is an open-source meme coin with tremendous growth potential. With an engaged community behind it and working to push its use into real-world applications beyond joke coin status, this cryptocurrency may become more widely-accepted over time despite its low market cap and grow to become a legitimate digital currency with strong followings.
Recent price movements in SHIB indicate that it has found its footing. It's worth noting, though, that SHIB has yet to break out of its trading range of the last month or so; should it do so then its price should begin rising and potentially reach new highs yearly highs.
To achieve success, cryptocurrency must draw in investors and traders through several means, including improving marketing efforts and expanding exchange availability; offering incentives may also attract more interest in purchasing the coin.
Traders should monitor the daily chart for SHIB to see if it forms an ascending triangle pattern. This formation includes an upper trendline connecting highs with a lower trendline connecting lows; typically when this formation appears it indicates that cryptocurrency prices are on their way upwards.
Another key technical indicator is the 50-day moving average (MA), a trend indicator that evaluates average prices over an extended period. When this MA rises above its price, this indicates an uptrend; conversely if its price falls below the MA it indicates a downtrend.
Shiba Inu's long-term price depends heavily on the overall state of crypto markets. If Bitcoin and Ethereum gain momentum, smaller coins may follow suit; otherwise, bearish markets would make its path upward more challenging for SHIB.
Technical Indicators
Digital currencies, like Shiba Inu, offer an exciting and lucrative way of investing. However, investors should remember that such assets can be highly speculative and potentially damaging if misused improperly; to protect yourself against this possible loss it is always advisable to research the market thoroughly prior to investing any funds and consult a financial advisor before making decisions about making purchases or investments.
Cryptocurrencies were first launched online in 2008 with bitcoin, the pioneer digital money that could be created and traded online. Since then, an abundance of different coins have emerged as developers attempt to outdo bitcoin with regards to ease of use, cost and speed. Some serve as tokens for new versions of blockchain - an online tracking and bookkeeping method which makes cryptocurrency possible - others serve as memes created simply for fun or as alternative forms of fiat money online; still others could provide payment for goods or services online.
Shiba Inu is one of the many coins currently experiencing an extraordinary surge in popularity, thanks primarily to its adorable image and subsequent attention from notable figures like Vitalik Buterin on Twitter. Shiba Inu will likely continue its upward trajectory as more people become aware of and purchase it.
Shiba Inu is currently trading sideways within a symmetrical triangle formation on the daily time frame chart, but must break out to sustain upward momentum; otherwise it will regress back towards its $0.000014 support level.
An anticipated break above Shiba Inu's support level should kick-start a rally that could propel its price toward $0.000022 and then $0.000029 on the daily chart. In order to do this, its price must climb above its current downtrend line first.
Notably, several indicators on the chart suggest a short-term bearish trend; specifically, the RSI has reached oversold territory while CCI shows signs of weakness below zero. Yet these technical indications may or may not always prove correct.
Supply & Demand
Shiba Inu has attracted a sizable community and been listed on popular exchanges, leading traders to anticipate it will experience rapid growth over the coming years. But cryptocurrency remains highly unpredictable and its future remains highly unpredictable.
An effective way of gauging whether or not an investment coin is worth buying is to look at its fundamentals - this includes things such as its finances, business model and overall market momentum. Unfortunately, assessing these aspects can often be complex due to many factors influencing price performance in crypto.
Considerations should also be given to supply and demand when investing in a cryptocurrency investment, particularly with new coins that have yet to establish themselves in the market. Typically, supply is directly proportional to its price - so lower supply causes its price to go up; but other factors must also be taken into account such as its liquidity or ownership structure when making this assessment.
As is true for other cryptocurrencies, Shiba Inu prices are highly affected by global market forces and can experience sudden surges and dips depending on global economic events. For instance, this led to major surges and dips in May 2021 due to Bitcoin's losses which caused other coins to suffer as well. Furthermore, Vitalik Buterin's announcement around that time that he would donate half his Shiba Inu tokens may have created further confusion within the market at that time.
Shiba Inu's low token supply could be the cause of its current price slump, with investors selling some SHIB tokens to fund other investments. Over time, more buyers should come back into the fold; however, due to other factors (high token supply or lack of significant adoption), this might not happen so it is vitally important that investors conduct extensive research before making investments of any sort. It is wise to consult with financial advisers prior to investing.
Conclusions
Shiba Inu has managed to remain resilient despite a bearish market environment, its price even making modest gains recently; an upward trend that looks set to continue throughout 2018. Furthermore, Shiba Inu's ecosystem continues its progress and gains in the cryptocurrency space.
SHIB's developers have undertaken multiple efforts to maximize transaction efficiency and increase utility. For instance, in early February SHIB lead developer Shytoshi Kusama released a social media teaser hinting at Shibarium L2, a feature which will allow platform users to exchange SHIB tokens for other digital assets like USDC or ETH on Shibarium L2.
Shiba Inu community members recently voted in favour of an extensive token burn to reduce total supply, as well as address recent high inflation rates on its platform.
Furthermore, the project has also made strides to enhance its network. The platform's blockchain is expected to become fully functional by 2023 and support an array of new features - among them being Segwit2X chain which could increase transaction speeds up to 100x.
Shiba Inu's platform is already being utilized by various businesses for cryptocurrency transactions, including GameStop, Nordstrom, Bed Bath & Beyond and Austin Martin among many others. Furthermore, Uniswap, one of the leading decentralized exchanges, recently added Shiba Inu as one of its supported coins.
Shiba Inu's future remains unclear, despite these positive developments; investors should remain mindful that there's still much work ahead to break it out from its current trading range. With general market decline continuing and no clear path ahead for reaching $1 anytime soon, investors should keep this fact in mind when making buying or selling decisions.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.