Will SHIB Return to $0.000030?
According to a technical analysis, SHIB could take advantage of its recent rise. A sideways move before the price rises was suggested by the difference in currency flow.
Shiba Inu іs a crypto created from a meme and has the support оf personalities from the crypto world such as Vitalik Buterin. Like Ethereum, Shiba Inu has its same security attributes enabled within that blockchain.
Shiba Inu [SHIB] recorded an increase оf 11.69% іn the last seven days. However, the token has struggled tо maintain that momentum over the past two days.
Shiba Inu [SHIB] recorded an increase of 11.69% in the last seven days. However, the token has struggled to maintain that momentum over the past two days.
Aside from that, some technical indicators suggest that the price could rebound again. One of the signals observed was the golden cross on the 4-hour SHIB/USD chart, which, to be observed, traders focus on the exponential moving average (EMA). This pattern forms when the shorter EMA crosses above the longer EMA.
Shiba Inu with Bullish Signal
Recently, and according to the information from the analytical charts, the 20 EMA (blue) had crossed the 50 EMA (yellow): a golden cross, indicating an uptrend. Furthermore, SHIB price had not fallen below the 50 EMA, meaning that the thesis has not been invalidated.
However, the money flow index (MFI) fell to 30.21. This decline indicates that a large amount of capital has left the SHIB market. In a bearish situation this could take the price to $0.000022.
The probable first stop could be $0.000027, after which, SHIB value could rise to $0.000030, which was close to the peak it reached in March. For this, considering only the technical aspect could be enough.
Consolidation Before Breakup
If the currency inflow is greater than the outflow, it means that the token involved could face selling pressure and the value could fall.
On the other hand, a greater outflow of foreign currency favors an increase in prices. At the time of writing, SHIB’s foreign exchange outflow was 53.20 billion. The entry, at the opposite extreme, was 50,550 million.
Historically, the 3-billion difference between metrics might not be enough to support a unidirectional movement. As such, SHIB price could consolidate in the near term.
Based on the available data, then, the price could move between $0.000023 and $0.000025. Going forward, traders may need to keep an eye on net flow. In the event that the outflow doubles the inflow of currencies, then there could be a slow rise in the SHIB price. If it holds, a breakout to $0.00030 could be achieved.
From the analysis it can be inferred that this increase could occur before the end of May, although there is a probability that this prediction could be invalidated. It is essential, therefore, that traders remain attentive to changes in the status of Shiba Inu on the chain and from a technical perspective.
SHIB Forecast
According tо CryptoPredictions, Shiba Inu started іn May 2024 at $0.000000000972241 and іs predicted tо finish the month at $0.000027953526769. During May, the maximum forecasted SHIB price іs $0.000041945149011 and the minimum price іs $0.000000000972241.
Furthermore, the SHIB Price is forecast for today (19.05.2024) to be in the $0.00002357485911 – $0.000034668910456 price range. Shiba Inu is predicted to end today at $0.000027735128364.
By Audy Castaneda