Shiba Inu Up 6% Since Dropping to $0.00000695, Fueling Hope of Recovery

Shiba Inu (SHIB) has continued to register gains since plummeting to $0.00000695 on Sept. 11, triggering hope among investors of a mounting recovery campaign.

After displaying tremendous fighting spirit against the bears between Sept. 4 and 8, SHIB gave in to selling pressure, leading to major declines. These declines persisted until Sept. 11, when the asset collapsed to $0.00000695.

The last time Shiba Inu saw the $0.00000695 low was in mid-June. Following the collapse on Sept. 11, SHIB staged a comeback, closing the day above $0.000007 but still retaining an intraday loss. 

The comeback spilled into the next day as Shiba Inu continued to register a daily winning streak. The asset printed four consecutive winning candles from Sept. 12 to Sept. 15. SHIB saw a compounded 5.43% gain within these four days.

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Despite a slight bump facing the ongoing increase, Shiba Inu has sealed a position above $0.000007, currently changing hands at $0.00000739. At this price, SHIB is now up 6.33% from the $0.00000695 low. This reality has fueled hope that the asset could be recovering.

Bullish Shiba Inu MACD Crossover 

Moreover, data from the Shiba Inu daily chart further compounds this investor confidence. Notably, the Moving Average Convergence Divergence (MACD) indicator shows bullish signals.

The MACD Line recently crossed above the Signal Line in the 24-hour timeframe. When this crossover occurs during a downtrend, it typically implies a potential shift in momentum. It sends a bullish sign, indicating that the downtrend may be losing strength or potentially reversing.

The last time this phenomenon occurred was on July 12. Remarkably, SHIB registered a massive 73% intraday increase on July 13, riding on the XRP lawsuit victory. Unfortunately, the MACD Line dropped below the Signal Line on July 24, with SHIB dropping since then.

Now that the MACD Line is back above the Signal Line, speculation of another recovery has gained steam. However, the bullish crossover is currently not as pronounced. As a result, caution is necessary to avoid making wrong trade decisions.

In addition, Shiba Inu witnesses declining trade volume. This trend has persisted since Sept. 12, as the asset’s 24-hour volume remains below the $100 million mark. The low trading volume suggests decreased interest and participation, potentially indicating a lack of confidence in Shiba Inu.

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• Source: https://thecryptobasic.com/2023/09/17/shiba-inu-up-6-since-dropping-to-0-00000695-fueling-hope-of-recovery/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-up-6-since-dropping-to-0-00000695-fueling-hope-of-recovery