While the overall cryptocurrency market is experiencing losses, Shiba Inu, the dog-themed cryptocurrency, has surprised investors by posting gains in the last 24 hours. This rare decoupling move has attracted attention, with SHIB trading higher while other cryptocurrencies are in the red. Shiba Inu’s resilience is capturing interest as the market takes a hit from profit-taking. Let’s delve into SHIB’s recent performance and explore what might lie ahead for its price.
In a market where several cryptocurrencies are trading in the red due to profit-taking, Shiba Inu has managed to buck the trend and post surprising gains in the last 24 hours. SHIB is up 4.49% to $0.00000826 at the time of writing, demonstrating its resilience. Moreover, over the past seven days, SHIB has shown an impressive increase of 12.92%.
The recent positive boost in the crypto market came on July 14 when a judge ruled that XRP, as a digital code, is not a security. This ruling provided hope for investors that other altcoins might not be considered securities either. However, the market is experiencing losses after yesterday’s increase as investors take profits.
Interestingly, Shiba Inu has retained its gains and continues to trade higher, while many other crypto assets are in the red. Lucie, an official from the Shiba ecosystem, drew attention to SHIB’s intriguing price move on Twitter, hinting at a potential “bull run” on the horizon.
Looking ahead, Shiba Inu faces significant barriers and opportunities for price movement. It has already surpassed the key barrier near the daily MA 50 at $0.0000077, which had been hindering its price increase for weeks. Bulls have now set their sights on the psychological level of $0.000008, with many addresses purchasing 14.72 trillion SHIB.
The recent three-day streak of price increases has propelled SHIB to intraday highs of $0.00000853. The next major obstacle for SHIB is $0.000009, where 23,380 addresses have bought 11.5 trillion SHIB. Positive momentum is indicated by the RSI crossing above 60, favoring buyers.
However, it’s important to note that profit-taking may occur, leading SHIB to target the $0.0000077 level as an intermediate support.
As the market continues to evolve, the performance of Shiba Inu remains a point of interest for crypto enthusiasts. While other cryptocurrencies face losses, SHIB’s ability to maintain gains suggests its resilience and potential for further price movement. Traders and investors will closely monitor SHIB’s progress in the coming days to assess if the anticipated “bull run” becomes a reality.
Shiba Inu has defied the broader crypto market’s losses by posting gains in the last 24 hours, attracting attention and sparking interest among investors. While profit-taking affects other cryptocurrencies, SHIB has demonstrated resilience and continued to trade higher. Breaking through key barriers and reaching psychological levels, Shiba Inu faces its next hurdle at $0.000009. Positive momentum indicated by the RSI crossing into higher levels provides an advantage for buyers. However, if profit-taking occurs, SHIB may find support at the $0.0000077 level. As the crypto market evolves, all eyes will be on Shiba Inu to see if its recent gains will begin a sustained “bull run.”