- Technical analysis suggests Shiba Inu’s bullish rally is imminent, with current trends indicating growing investor confidence in SHIB.
- SHIB breaks past resistance trendline, with analysts predicting sustained bullish momentum and further gains for the cryptocurrency.
The cryptocurrency market is witnessing an electrifying surge in investor interest towards Shiba Inu (SHIB), triggered by a subtle nod from Ethereum founder Vitalik Buterin. This acknowledgment has infused the Shib Army, SHIB’s dedicated community, with a newfound sense of optimism, challenging the skepticism surrounding the meme coin’s potential for gains.
Current market trends and technical analyses suggest that a bullish rally for Shiba Inu is not just conceivable but imminent.
The momentum behind Shiba Inu’s ascending trajectory is gathering pace, indicating a solidifying confidence among investors. This trend points towards a bright short-term future for the cryptocurrency, underpinned by solid technical indicators and market analyses. The foundation of this bullish outlook is not based on speculation alone but on a detailed examination of Shiba Inu’s market behavior and chart patterns.
Read more: SHIB Community on Alert: Key Message from Shiba Inu Team Member Revealed
A factor contributing to this optimistic outlook is the remarkable increase in the Relative Strength Index (RSI) for SHIB, which leaped from below 50 to 70 in just an hour, signifying a strong buying pressure influx.
This bullish sentiment is corroborated by the upward movement of SHIB’s 30-day moving average, signaling a return of market optimism. Such key technical indicators reinforce the confidence investors have in Shiba Inu, suggesting a favorable market position in the near future.
Related: Shiba Inu (SHIB) Jumps 8% After Ethereum’s Vitalik Buterin Applauds Project
As of late morning trading on Thursday, Shiba Inu’s market performance has been impressive, with the cryptocurrency trading at $0.000032. This price represents a 5.60% increase in the last 24 hours, a 17.43% rise over the past week, and a notable 186.01% growth in the last 30 days.
Currently ranked 11th on CoinMarketCap, Shiba Inu commands a live market capitalization of $18,763,980,947, backed by a circulating supply of approximately 589 trillion SHIB.
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