Volume Spikes, SHIB Pump For Recovery

Shiba Inu price prediction showcases the surge of SHIB crypto as trading volume has increased during the day’s trading session. SHIB crypto is trying to recover towards the primary resistance of $0.00000758. Meanwhile, buyers need to maintain the accumulation rate in order to push the Shiba Inu coin price towards its recovery phase. However, the accumulation rate of buyers needs to be increased during the intraday trading session. 

Shiba Inu cryptocurrency has slumped to the $0.00000698 level and now it’s making its return from the lower level. However, sellers may approach as soon as the Shiba Inu coin price reaches the upper threshold over the daily time frame chart.

Shiba Inu price was at $0.00000732 and has gained 3.68% of its market capitalization during the day’s trading session. Trading volume has significantly increased by 79% intraday. This demonstrates that buyers are favoring Shiba Inu to surge and recover. The volume-to-market cap ratio was 3.76%. 

Will Shiba Inu Price Maintain Its Recovery?

Shiba Inu price has gained from the lower level and is trying to reach the primary resistance level over the daily time frame chart. Meanwhile, volume change can be seen on average which needs to be increased during the day’s trading session. For the Shiba Inu coin price to break out of the primary resistance, buyers need to push their limit. SHIB crypto is trying to sustain at 20-EMA to reach the 50, 100, and 200-day daily moving averages.

Shiba Inu price has declined around 2.72% in a week and 31.33% in a month. Moreover, the Shiba Inu coin price managed to gain around 7.65% in the last three months but slipped 29.82% in the last six months. Shiba Inu coin price has decreased by 9.18% year to date. This suggests that 2023 wasn’t exactly pleasant for SHIB crypto.

Technical indicators suggest the upward velocity of Shiba Inu cryptocurrency. The relative strength index and moving average convergence divergence both confirm the upward momentum of SHIB crypto. 

RSI was at 45 and is trying to break out from neutrality. The MACD line is crossing the signal line upwards, registering a positive crossover. Investors in Shiba Inu cryptocurrency need to wait until the Shiba Inu coin price sustains at the primary resistance level.

Summary

Shiba Inu price prediction showcases the surge of SHIB crypto as trading volume has increased during the day’s trading session. However, sellers may approach as soon as the Shiba Inu coin price reaches the upper threshold over the daily time frame chart. Shiba Inu coin price is down by 9.18% year to date. Technical indicators signal bullish velocity in the Shiba Inu cryptocurrency chart.

Technical Levels

• Support Levels: $0.00000707 and $0.00000698
• Resistance Levels: $0.00000740 and $0.00000758

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.     

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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