Shiba Inu Coin Recovery Will Be Massive, Analyst Predicts
The overall cryptocurrency market is showing signs of recovery following earlier losses. Shiba Inu, in particular, has experienced a significant resurgence, capitalizing on the market’s upward trend to achieve notable gains.
Shiba Inu’s Recent Performance
According to market analyst Crypto Sheriff, Shiba Inu’s value has surged by 9% on weekly charts, positioning it as one of the leading gainers amidst the market’s recovery. The current trading price of Shiba Inu is above the 99-week moving average (MA) at $0.00001277, indicating a long-term bullish trend despite recent challenges.
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However, it still remains below the 25-week MA at $0.00001911, which could pose as a strong resistance level as the current positive momentum approaches July highs. Nevertheless, Shiba Inu continues to rely on the 99-week MA as a robust support level.
Anticipated Growth and Momentum
Crypto Sheriff has expressed optimism regarding a potential significant surge, suggesting that breaching the $0.00001537 resistance level could pave the way for substantial growth.
Consistent Positive Performance
SHIB Knight, a prominent figure in the Shiba Inu community and a trader, has also highlighted the bullish momentum. Notably, Shiba Inu has achieved 9 consecutive 3-hour sessions of significant gains and 6 consecutive 4-hour candlesticks, demonstrating a strong performance.
Despite facing a minor setback, Shiba Inu has quickly recovered and is currently trading at $0.00001445, marking a 3.44% increase over the past 24 hours. The cryptocurrency’s market cap has risen to $8.492 billion, with the MACD indicator on the 4-hour chart signaling bullish control through a series of green bars
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
