Shiba Inu Jumps 30% In Last 7 Days As SHIB Basks In Green
30 Outubro 2022 - 8:54AM
NEWSBTC
Shiba Inu, earlier today, witnessed a significant surge as it went
up by almost 20%, pushing its spot trading price to $0.000014.
Although it was immediately rejected entry to the $0.000015 marker,
the asset managed to outperform other cryptocurrencies belonging to
the top 10 list in that particular department, including Bitcoin
and Ethereum. SHIB tallies 31.7% increase over the last 7 days
Shiba Inu was rejected at the crucial $0.000015 marker today A
price correction is once again on the horizon for the asset It
would appear SHIB continues to benefit from Dogecoin rallies as
this latest price pump came on the same day Dogecoin increased by
almost 80% before experiencing minor price correction. Shiba Inu’s
$1.8 billion trading volume is also impressive, tallying an
increase of 167%. This, however, went down a bit as the crypto
experienced a slight decline in its spot trading price. At press
time, according to latest data from Coingecko, the Dogecoin
spin-off meme altcoin is trading at $0.000013. Its 24-hour gains
dropped to just 9% but is still up 31.7% over the last seven days.
Shiba Inu: Dealing With Selling Pressure A look at SHIB’s chart
shows unabated selling pressure will come with the possibility of a
movement towards the 0.382 Fibonacci Retracement Level (FBI) at
$0.0000128 or the 0.5 FBI at $0.0000122. Related Reading: FLOW
Diverted By Bearish Current Amid Relative Inactivity – Here’s Why
Source: TradingView This will obliterate any bullish momentum that
Shiba Inu gained over the last few days when it breached the
$0.000015 marker. The asset’s Relative Strength Index (RSI) ended
up being in the overbought zone, indicating the need for the SHIB
price to stabilize before a resumption of an upward movement can
happen. One crucial thing to look out for during this price dumping
phase is the buying pressure which, if sustained, will likely lead
the way for a test of the $0.000016 level. Shiba Inu, at least for
this day, is on bullish trend and is less likely to experience high
volatility. Its price movement might swing between $0.000015 and
$0.0000128. Shiba Eternity Still Not Helping SHIB One of the things
that developers and the SHIB community are hoping to help the
crypto to reach higher levels is the release of the Shiba Eternity
Game. It is a free mobile card fighting game that was launched on
October 6, 2022, both on Android and IOS platform, and is part of
an ecosystem for the asset that is still in development.
Unfortunately, even after going online, the game failed to give the
altcoin any momentum to break out of its slump. Thankfully, over
the last few days, the broader crypto market initiated a bullish
run that stopped the bleeding for the virtual coin. Recently, SHIB
also indirectly took advantage of the news about Elon Musk’s
Twitter take-over as it piggybacked at DOGE’s surge moments after
the deal was finalized this week. Related Reading: MATIC Looks To
Hit $1 Target After Breaching Major Resistance SHIB total market
cap at $6.8 billion on the weekend chart | Featured image from
Somag News, Chart: TradingView.com Disclaimer: The analysis
represents the author's personal interpretation and should not be
construed as investment advice.
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