Expectations that this digital currency will reach a record level

Expectations that this digital currency will reach a record level

Shiba Inu (SHIB) experienced a slight decline, reaching a price of $0.000030, with a 24-hour trading volume of $1,543,917,018, down approximately 3.5%. Despite this fluctuation, it maintains a strong market cap ranking at 11th place, with a market cap value of $17,789,281,901.

Amidst this volatility, expectations are rising for SHIB to reach $1, given its massive supply of 589 trillion coins. Now, let’s delve into price predictions for Shiba Inu, considering market movement and investor sentiment, to assess the possibility of achieving this milestone.

Price Predictions for Shiba Inu:

The pivot point (the point between two price scenarios) for Shiba Inu’s price settles around the level of $0.000029, serving as a base for potential upward movement. Resistance levels are found at $0.000032, $0.000035, and $0.000038.

On the other hand, support levels are at $0.000026, $0.000024, and $0.000020, forming a safety net to prevent further decline.

Regarding technical indicators, the Relative Strength Index (RSI) stands at 58, suggesting a favorable buying climate that could support SHIB’s ascent.

Looking at the 50-day Exponential Moving Average (EMA) at $0.000029 confirms an upward bias if maintained above it. It’s worth noting the double top pattern at $0.000031, representing resistance that could halt price increase if not decisively surpassed. In conclusion, Shiba Inu has the potential to rise if it remains above $0.000029, but traders should exercise caution as a drop below this level could trigger a significant selling wave affecting the price.

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