Shiba Inu (SHIB) has recently experienced a decline in performance, with its price falling by 11% after being rejected from upper trendline resistance. This drop has led to concerns among investors, leading some to question if SHIB is headed towards zero. The movement of a significant amount of SHIB between unknown wallet addresses has further added to market unease. In this article, we will explore the implications of these developments and examine the current state of SHIB.
A major development in the world of Shiba Inu is the movement of a substantial amount of SHIB, totaling 4.2 trillion, between unknown wallet addresses. The lack of information about the transaction and its connection to any exchanges suggests that this is likely related to private self-custody. Despite the private nature of the transaction, the movement of such a large quantity of SHIB has spooked the market and contributed to a current market price of $0.00000978, representing a 24-hour change of -5.05%.
The recent downward movement in SHIB’s price can be attributed to its rejection from upper trendline resistance at around $0.00001187, a level that has not been touched since April 16. This rejection could potentially mark the beginning of a major retracement for SHIB, as a similar resistance level triggered a 53% slide back in April. However, there are some positive indicators for SHIB’s price action. The current consolidation above the immediate support of the 20-day moving average (20DMA) at $0.00001 provides a level of support that could limit further downside risk. Additionally, the 200-day moving average (200DMA) at $0.000008 offers further support at a lower level.
The Relative Strength Index (RSI) indicator, which measures the momentum of price movements, has shown improvement for SHIB. It has cooled down from a severely overbought reading to a more neutral score of 52.58. This suggests the potential for a bounce in price. The Moving Average Convergence Divergence (MACD) indicator also shows minor bullish divergence with a reading of 0.00000002. These indicators, combined with the consolidation at lower support levels, indicate the possibility of a resumption of upside movements for SHIB.
If SHIB manages to break through the resistance level, it could target a climb back up to $0.0000187, representing a potential increase of 20.5%. On the other hand, if the downside risk materializes, SHIB could fall to lower support around $0.00000847, reflecting a possible decrease of 13.9%. With the current risk-reward proposition of 1.47, SHIB presents a reasonable entry point with moderate upside potential.
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Shiba Inu’s recent struggles and the movement of large amounts of SHIB have created uncertainty in the market. However, technical indicators suggest that SHIB may find support at current levels and could potentially resume its upside movement. Meanwhile, Meme Kombat presents a unique opportunity for investors looking to diversify their portfolios and participate in meme-based gaming and betting. As with any investment in the crypto market, caution should be exercised, and this article is provided for informational purposes only, not as investment advice.
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