Shiba Inu Price Analysis 10/07: SHIB Shows Signs of Rebound with a Weekend Price Surge - Investor Bites

Shiba Inu Price Analysis 10/07: SHIB Shows Signs of Rebound with a Weekend Price Surge – Investor Bites

Time Stamp: July 10, 2023 4:00 AM
Shiba Inu Price Analysis 10/07: SHIB Shows Signs of Rebound with a Weekend Price Surge - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • Shiba Inu sees an 8% weekend price surge, indicating a potential rebound.
  • Market cap dropped by 90%, but whale transactions and circulation show positive signs.
  • The recent price jump reignites traders’ interest in the Shiba Inu meme coin.

In a recent development, Shiba Inu has experienced a noteworthy increase in price, signaling a potential rebound for the meme coin. Over the weekend, the cryptocurrency recorded a modest 8% surge, sparking renewed interest among traders. This comes as a glimmer of hope for Shiba Inu, which has witnessed a substantial 90% decrease in market capitalization since its peak in October 2021.

Although the market cap decline has raised concerns, recent whale transactions and circulation data offer encouraging signs for Shiba Inu. Whales, or large investors, have been observed engaging in notable transactions, indicating confidence in the cryptocurrency’s potential. Furthermore, the circulation of Shiba Inu tokens suggests sustained interest and activity within the community.

Despite the challenges faced by Shiba Inu in recent months, the recent price jump and positive indicators suggest that the cryptocurrency is still capturing traders’ attention. As the market evolves, the meme coin’s performance will be closely monitored to assess whether this upward momentum will be sustained. The recent price surge may prompt further analysis and discussions among market participants as they evaluate the potential of Shiba Inu in the ever-evolving crypto landscape.

Shiba Inu Price/Technical Analysis: SHIB Corrects to $0.000007560 as Market Conditions Turn Bearish

The latest Shiba Inu price analysis shows that the meme coin has corrected to $0.000007560 after experiencing a surge over the weekend. The selling pressure has intensified as SHIB corrected to the support level of $0.000007500. As of press time, the SHIB/USD pair is exchanging hands at $0.000007560, losing approximately 1.40% in the past 24 hours.

The immediate resistance for SHIB is around the $0.000007800 level, while the coin has to break through the resistance of $0.000008000 to revive its bull run. The buyers pushed the prices higher over the weekend, but that momentum was short-lived, and market conditions quickly shifted to bearish.

SHIB’s market capitalization is currently at $4,454,221,859, with a daily trading volume of about $129,305,195. Both the market cap and daily trading volume have seen a drop today. SHIB is ranked 18th on the CoinMarketCap list, with a circulating supply of 589,347,784,418,085 SHIB tokens.

The 4-hour technical indicators show that the MACD and RSI are trending downwards. The Relative Strength Index is at 51.23, indicating an increase in selling pressure as the market conditions turn increasingly bearish.

The 50-day exponential moving average (EMA) is slightly below the current price suggesting a bearish trend. Further, the MACD is slowly turning negative as the histogram decreases towards the red zone, indicating the possibility of further price drops.

Overall, SHIB is in a bear market and will need to break through the resistance level of $0.000008000 to revive its price surge. The $0.000007500 level must be a strong support level to prevent further losses.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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