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- SHIB’s bullish momentum is gaining traction, with the potential for higher prices.
- Investors show confidence in SHIB with increased trading volume and market cap.
- Traders should monitor market volatility and adapt trading strategies accordingly.
Positive sentiment has dominated the Shiba Inu (SHIB) market in the past 24 hours, with bulls thwarting the bear effort to control the market, which brought the price to an intra-day low of $0.00001065. Because of the bulls’ vigor, the SHIB price rose from the 24-hour low to an intra-day high of $0.00001157, where it met firm resistance.
The market’s positive optimism remained at press time, resulting in a 5.92% increase from the intra-day low to $0.00001135. If the bulls break through the resistance level, the following resistance levels could be $0.0000118 and $0.000012, while support levels might be $0.0000108 and $0.0000105 if the bears retake control.
Market capitalization and 24-hour trading volume increased by 6.01% and 140.21%, respectively, due to the optimistic attitude, reaching $6,696,499,422 and $546,774,675. The increase in market capitalization and trading volume suggests investors are bullish on the market’s prospects. This trend will continue if the bulls retain their momentum and break through the resistance levels.
SHIB/USD 24-hour price chart (source: CoinMarketCap)
The upward movement of the Average True Range (ATR) in the positive zone with a value of 0.00000031 indicates that SHIB bulls are gaining power and momentum in the market, signaling a probable bullish trend.
This action enhances the confidence of traders eager to purchase SHIB and may increase trading volume and price appreciation in the near run.
A Chaikin Money Flow (CMF) value of 0.18 on the SHIB/USD 4-hour price chart indicates a net influx of money into the SHIB market, supporting the probable bullish trend. Nevertheless, if the CMF score falls below zero, it may signify a negative trend and a potential market sell-off.
SHIB/USD chart (source: TradingView)
The recent crossing of the Fisher Transform above its signal line with a value of 0.77 indicates that bullish momentum in SHIB has acquired traction and may continue to drive the price higher in the near term.
To add to the optimistic attitude, the Klinger Oscillator has a value of 23.41, indicating that there is significant purchasing pressure in the market and that the trend may continue to be suitable for SHIB in the foreseeable future.
These patterns suggest that SHIB might be a substantial investment opportunity for traders trying to profit from the positive momentum. Still, monitoring any market volatility and appropriately modifying trading methods is critical.
SHIB/USD chart (source: TradingView)
SHIB’s positive sentiment continues to surge as bulls push past resistance levels, signaling a probable bullish trend with increasing trading volume and market capitalization.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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