The meme token has been trading within $0.0000079 and $0.0000085 levels since recovering from the August 17 dip. Although the bears made several attempts to push the price back below the $0.00000731 support zone, the bulls still maintained the pressure.
Shiba Inu SHIB is trading at $0.00000828, with a more than 2% 24-hour price increase and a 43% increase in trading volume. But will the bulls sustain the positive momentum in the market, and for how long?
Shiba Inu (SHIB) Price Bounced Back As Re-launched Shibarium Gains Traction
On August 25, the Shiba Inu team re-launched the Shibarium L2 scaling network, which faced technical glitches on the first release. As a result, the Shiba Inu community is optimistic that the layer-2 network will positively impact SHIB’s price.
Moreover, the L2 network reached a milestone of 150,000 wallet addresses created on August 29, according to data reported from the Shibarium Scan tool.
As of today, August 30, the total Shibarium wallet addresses have spiked to over 330,000, signaling a massive high in investor confidence.
This has raised speculations that it could propel the price of SHIB to new peaks in the coming week. If the Shiba Inu community could hold this growth and maintain price movement, SHIB’s price may exceed the $0.000010 mark in the coming days.
Massive SHIB Purchase Orders Across Prominent Crypto Exchanges
As a sign of increasing optimism among the SHIB community, there has been a surge in buy orders for SHIB on various cryptocurrency exchanges.
As the data above indicates, bullish investors have initiated active purchase requests for 1.9 trillion SHIB, surpassing the 1.2 trillion SHIB tokens currently available.
The On-Chain data shows that the SHIB market demand is more than the supply value by 700 billion SHIB tokens. This indicates a strong trend of positive sentiment among investors in the SHIB community.
They (bullish investors) have taken proactive steps to place purchase orders for a total of 1.9 trillion SHIB tokens on various exchanges. This could influence the token’s price and market dynamics.
SHIB Price Analysis Using Technical Indicators
The chart shows that SHIB is trading above the 100-day Moving Average (MA) but below the 50-day, meaning the token is bullish in the long term.
However, being below the 50-day MA means short-term pressure on the coin’s price. This could mean a mix of trends in the short term since the price is above the 100-day MA; it’s positive for the longer term, suggesting possible gains ahead.
In this case, it’s smart to be cautious because the mixed signals from the 100-day and 50-day MAs might mean uncertainty in the coin’s short-term direction.
Also, the red histogram bars are diminishing, showing the bearish momentum is dropping. This means buyers are entering, which could push SHIB’s price up.
The Relative Strength Index is at 45, showing a moderate buy activity. Given these signals, SHIB could record more upturns in the next few hours as more buyers join the market. However, traders should consider other technical analyzing tools before making a decision.
As of 5:44 AM EST, SHIB is hovering above $0.00000789, a key supported level, suggesting a baseline demand for the coin at this price, and the market sentiment remains cautiously optimistic.
Based on the chart, the market might encounter a strong resistance within $0.00000092. The price could rise significantly if the SHIB/USD pair surpasses this level. This represents an 18% price increase from its current price.
Moreover, other resistance points are beyond $0.0000092, indicating further potential 87% gains if the price breaks through this level. If the price is steady above the 50 and 100-day Moving Averages, it might continue to pump and break the resistance level ($0.0000092) in the coming days.
However, these subsequent levels of resistance may prove harder to overcome. Conversely, the market could turn bearish if the buyer could sustain its pressure, leading the price to drop below the critical support of $0.00000789.
Such a breakdown may signify a shift in sentiment, with the bears gaining control and pushing the price further down.
It’s essential for traders to carefully monitor price movements, trading volume, and broader market trends to make informed decisions, especially as the coin hovers around key support and resistance levels.
Promising Alternative to Shiba Inu (SHIB)
The Wall Street Memes (WSM) token has almost ended and has gathered over $25 million. This achievement positions it as one of the rapidly advancing cryptocurrency presales in 2023.
It’s also known as the ‘Pepe and Shiba Inu killer’ and aims to boost investors’ wealth by generating significant profits. Cryptocurrency experts predict an astonishing 10x increase in the project’s value within the current year.
Wall Street Memes Presale Hits $25,000 Million
Lately, there has been a notable increase in attention toward tokens inspired by memes in the financial world. Wall Street Memes (WSM) has emerged as a noteworthy participant.
With a successful initial phase that has gathered over $25 million, the $WSM token has captured the curiosity of seasoned investors and individuals new to the cryptocurrency space. Even though it’s still in its early stages, the $WSM token shows significant possibilities for expansion.
The project’s well-defined plan for the future and its ambitious goals contribute to the increasing attention it’s getting. Note that $WSM does encounter difficulties, especially in managing the inherent fluctuations in the cryptocurrency market.
Nonetheless, the experienced team behind $WSM instills confidence in investors. An essential element in its achievements is the robust community it has formed, comprising more than 1 million members. This further strengthens the project’s promising prospects.
This presale phase has gathered around $25 million, approaching the targeted $25.9 million. This accomplishment has generated significant excitement about its upcoming debut in the market, as there are high hopes for substantial profits in the initial phases.
Initial forecasts are positive, with community discussions focusing on the possibility of significant returns, potentially even achieving a 20x increase upon launch.
While it’s important to acknowledge the dynamic nature of the cryptocurrency market, the prevailing feeling remains one of positivity and support.
Seize the opportunity to join the Wall Street Memes presale. This is your chance to participate in a project that could bring substantial profits. Investors are urged to invest and start an exciting journey towards financial achievement.
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