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What’s Next For Shiba Inu As Price Remains Stuck Below $0.000011?

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What’s Next For Shiba Inu As Price Remains Stuck Below $0.000011?

Shiba Inu has substantially recovered over the last week; it surged over 20% in the same timeframe. Over the last 24 hours, SHIB has appreciated by 2.9%, but despite the rise in value, the coin has remained stuck below the $0.000011 mark.

The coin broke above its stern resistance mark of $0.000010, which had not been breached for the past two months. SHIB was trading within an ascending parallel chain, which showed bullishness; however, the coin was currently outside the ascending trendline.

Related Reading: Myth Buster: Ethereum Shanghai Hard Fork Won’t Create Major Selling Pressure

As it moved out of the ascending trendline, it could not break past its immediate resistance level. The technical outlook of the coin still depicts bullishness on the chart for SHIB. Shiba Inu was overvalued at the time of writing, and if a coin is overbought, there are chances of a price correction.

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This could be true if the coin does not break past the $0.000011 level. Currently, SHIB is trading 87% below its all-time high of 2021.

Shiba Inu Price Analysis: One-Day Chart

Shiba Inu was priced at $0.0000106 on the one-day chart | Source: SHIBUSD on TradingView

SHIB was exchanging hands at $0.0000106 at the time of writing. The altcoin moved outside the ascending parallel line and experienced resistance at $0.000011. Overhead resistance for Shiba Inu was at $0.0000108; a move above that level can push SHIB to breach the $0.000011 mark.

The $0.0000112 mark has previously acted as a strong resistance for the coin. If the coin fails to move above the resistance line, it could fall to $0.0000100 and then to $0.0000097 before rising again.

This could also present a shorting opportunity to the traders. The amount of SHIB traded in the last session was green depicting bullish momentum.

Technical Analysis

Shiba Inu was overbought on the one-day chart | Source: SHIBUSD on TradingView

SHIB has managed to secure a multi-month high regarding demand. The Relative Strength Index was at 80, which meant that the asset was overvalued and buyers exceeded sellers. The last time the indicator touched the 80-mark was in August 2022, leading to a price correction.

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The asset price moved above the 20-Simple Moving Average (SMA) line and was also above the 50-SMA (yellow) line as buyers drove the price momentum. Shiba Inu, however, struggled to move above the 200-SMA line (green).

Shiba Inu displayed buy signal on the one-day chart | Source: SHIBUSD on TradingView

The altcoin price may remain congested during the following trading sessions due to lateral trading. However, the Moving Average Convergence Divergence (MACD) formed green bars tied to buy signals for the coin.

The last signal declined in strength, indicating that buying the asset might not be the right decision. The Directional Movement Index was positive, as the +DI (blue) line was above the -DI (orange) line.

The Average Directional Index shot up near 40, depicting strength in the current price action. This meant that the overall SHIB was positive, but as the coin was restricted under the 200-SMA, there could be continued consolidation, leading to a loss of value.

Featured Image From Unsplash, Charts From TradingView.com.

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Analysis

Biggest Movers: SHIB Remains Near Recent Highs As Crypto Markets Fall On Monday

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Biggest Movers: SHIB Remains Near Recent Highs As Crypto Markets Fall On Monday

Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.

Shiba Inu (SHIB)

Monday saw shiba inu (SHIB) continue to trade relatively close to recent highs, despite crypto markets mostly declining.

SHIB/USD hit a high of $0.0000148 earlier today, which comes following a bottom at the $0.0000141 mark on Sunday.

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The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.

SHIB/USD – Daily Chart

Looking at the chart, the declines commenced as the relative strength index (RSI) failed to break out of a ceiling at the 80.00 level.

As of writing, the index is now tracking at 77.02, which comes as bulls rejected a breakout of a floor at 75.00.

SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.

Avalanche (AVAX)

Avalanche (AVAX), on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.

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Following a high of $20.43 on Sunday, AVAX/USD dropped to an intraday low of $19.74 earlier in the day.

The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.

AVAX/USD – Daily Chart

This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.

A big part of this is due to the 14-day RSI, which is tracking at 59.86, its weakest point since January 10.

Should momentum now continue in a downward direction, price strength could land at a floor of 55.00, with AVAX likely under $19.00.

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Do you expect avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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2022

Meme Coin Economy Swells By $5.8 Billion In Less Than A Month, Suggesting Demand For Meme Tokens Still High

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Meme Coin Economy Swells By $5.8 Billion In Less Than A Month, Suggesting Demand For Meme Tokens Still High

The meme coin economy has grown significantly over the past 27 days, increasing 34.52% against the U.S. dollar. The largest meme coin by market capitalization, dogecoin, has risen 29.5% in the past month, while the second-largest meme coin, shiba inu, has jumped 71.9% in 30 days. Since Jan. 9, 2023, the overall value of the meme token economy has increased by $5.8 billion.

Dogecoin and Shiba Inu Dominate Meme Coin Market With 94% Market Share

The top meme coins by market capitalization have gained in value against the U.S. dollar this past month. According to statistics recorded on Jan. 9, 2023, via archive.org, the meme coin economy was valued at $16.8 billion 27 days ago. As of 9 a.m. ET on Feb. 5, 2023, the meme coin economy is currently valued at $22.6 billion, a 5.4% increase over the previous day.

DOGE/USD on Feb. 5, 2023.

Over the past 27 days, meme tokens have added $5.8 billion in value and gained more than 34% against the greenback. This week’s largest gainers among meme tokens include pomeranian eth (POM), up 117.2%, baby doge coin (BABYDOGE), up 113.9%, and polydoge (POLYDOGE), up 86.7%. The two leading meme coins in terms of market valuation, dogecoin (DOGE) and shiba inu (SHIB), have increased 5.3% to 22.1%, with SHIB seeing the larger gains.

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SHIB/USD on Feb. 5, 2023.

Dogecoin (DOGE) and shiba inu (SHIB) make up $21.32 billion, or 94.34%, of the total $22.6 billion in the meme coin economy. Dogecoin has risen 29.4% this month, while shiba inu has increased 71.9% against the greenback. The majority of the meme coin economy’s value was acquired in 2023. On Dec. 18, 2022, 49 days ago, the market valuation of all meme tokens was $16.4 billion. Since then, the meme coin economy has grown 36.96% against the U.S. dollar.

On Feb. 5, 2023, the largest gainers among meme coins over the past 24 hours include arbinu (ARBINU), which rose 51.9%, duckereum (DUCKER), up 43.5%, and onigiri neko (ONIGI), which increased 35.3%. The largest meme coin, dogecoin, decreased 1.7% against the U.S. dollar, while shiba inu gained 1.5%.

The third-largest meme coin, baby doge coin, increased 18.9% during the last 24 hours. Despite a 34% rise against the U.S. dollar and $5.8 billion in value added in 27 days, most of the market activity remains focused on the top two coins, DOGE and SHIB, indicating that demand for meme coin assets continues to exist.

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2022, 2023, 24 hours, arbinu, Assets, Baby Doge Coin, cryptographic, Dec. 18, Demand, Doge, dogecoin, duckereum, Economy, Feb. 5, Gainers, Greenback, growth, increase, largest, Majority, Market Action, Market Capitalization, Meme Coins, Meme Economy, Meme Token Economy, Meme Tokens, onigiri neko, Percentage, polydoge, pomeranian eth, Rise, shib, shiba inu, statistical data, third-largest, top, U.S. dollar, Value

What do you think about the current state of the meme coin economy? Will the trend of growth continue, or do you see a decline in the near future? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Shiba Inu [SHIB] bull run is here? Thanks to the hype surrounding…

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Shiba Inu [SHIB] bull run is here? Thanks to the hype surrounding…

  • At press time, SHIB’s price increased by more than 25% in the last seven days.
  • Metrics and market indicators supported the possibility of a further uptrend. 

Shiba Inu [SHIB] recently outperformed all the other cryptos on the top 20 list with its price action. 

According to CoinMarketCap, SHIB registered double-digit weekly gains. At the time of writing, its price had increased by more than 8% in the last 24 hours and was trading at $0.00001501 with a market capitalization of over $8.2 billion.

Most of this hike can be attributed to the hype around the launch of SHIB’s much-awaited Shibarium. However, a look at SHIB’s on-chain metrics suggested that a few other factors were also at play. 


Realistic or not, here’s SHIB’s market cap in BTC terms


What went in SHIB’s favor

Santiment’s chart revealed that SHIB’s MVRV Ratio shot up considerably over the last few days as its price soared.

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The uptrend was accompanied by an increase in volume, which acted as its foundation.

Thanks to the price pump, SHIB remained a topic of discussion in the community, as indicated by its social volume. Furthermore, the meme coin’s network growth registered an uptick which clearly hinted that Shiba Inu was not under selling pressure.

Moreover, CryptoQuant’s data pointed out that SHIB’s exchange reserve was decreasing, suggesting a rise in demand.

Source: Santiment

The increase in price also made the meme coin the first choice of the whales. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that SHIB topped the list of the cryptos that the top 1000 Ethereum whales were holding. 

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🐳 The top 1000 #ETH whales are hodling

$772,350,049 $SHIB
$153,932,690 $BEST
$108,233,098 $MATIC
$100,346,155 $BIT
$79,229,810 $LOCUS
$71,858,471 $LINK
$71,357,259 $UNI
$67,938,245 $MANA

Whale leaderboard 👇https://t.co/jFn1zIOq03 pic.twitter.com/9Z7zWjaNP4

— WhaleStats (tracking crypto whales) (@WhaleStats) February 4, 2023

Interestingly, despite whales’ confidence in the token, SHIB’s supply held by top addresses decreased slightly last week.

Much to the investors’ surprise, a few metrics didn’t support the token’s price growth. Consider this- SHIB’s daily active addresses registered a drop, which was a negative signal.

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The same was true for the transfer volume metric as well, which gave a bearish signal. 


How much are 1,10,100 SHIBs worth today?


Bulls are far from stopping?

SHIB’s daily chart suggested that the bulls were leading the market, as most of the market indicators put forward the possibility of a further increase in the token’s price.

The MACD displayed a bullish crossover. SHIB’s Exponential Moving Average (EMA) Ribbon favored buyers, with the 20-day EMA well above the 55-day EMA. 

At press time, even the Chaikin Money Flow (CMF) registered an uptick and headed northward from the neutral mark.

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SHIB’s price was in a high volatility zone as revealed by the Bollinger Bands. However, the Relative Strength Index (RSI) was well above the overbought mark, in which case, the possibility of a trend reversal can’t be ruled out in the near term.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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