SHIB has risen by 5.30% over the last 24 hours, with daily trading volume up by 43%. The crypto market shows mixed trends as assets fluctuate between gains and losses. Analysts expect the market sentiment to strengthen following the U.S. election. Currently, Bitcoin, the largest cryptocurrency, faces bearish pressure, trading at $68.7K.
Shiba Inu (SHIB), the popular dog-themed meme coin, is among the top five gainers in the past 24 hours. Starting the day at $0.00001675, SHIB climbed to a peak of $0.00001771. At present, it’s trading at $0.00001759, with a trading volume around $383 million according to CMC data. During this period, about $654K worth of SHIB was liquidated.
Over the past week, SHIB has declined by approximately 4.90%, moving from $0.00001966 down to $0.00001629, reflecting bearish momentum. However, the volatile market could offer SHIB an opportunity for a reversal.
Additionally, around 6 billion SHIB tokens were burned across 105 transactions in October, with billions more sent to dead wallets, reducing the overall SHIB supply.
Can SHIB Gain More Momentum?
SHIB’s technical indicators suggest a bullish outlook. The Moving Average Convergence Divergence (MACD) line sits above the signal line, indicating a positive trend that could lead to a bullish rally. The Chaikin Money Flow (CMF) indicator also shows a strong money flow, currently at 0.16, while daily trading volume has surged by over 43%.
The daily relative strength index (RSI) is at 58.92, reflecting a neutral stance. Additionally, SHIB’s short-term 9-day moving average remains below its long-term 21-day moving average.
If the bullish momentum holds, SHIB could face immediate resistance at $0.00001812, with potential to test higher resistance around $0.00001910. Conversely, if SHIB loses ground, support may be found at $0.00001681, with further support around $0.00001587.
Disclaimer: This analysis represents the author’s opinion and does not constitute investment advice. Readers are encouraged to conduct their own research before investing.
