Shiba Inu: Leading the Recovery of Memecoins
After reaching its peak at $0.00002169, Shiba Inu [SHIB] has faced challenges in reclaiming higher price levels. However, the recent price movements of SHIB have reignited optimism among traders.
Currently, SHIB is being traded at $0.00001788. This represents a 6.82% increase on a weekly basis, with a further 3.50% rise observed over the last 24 hours, signaling a bullish trend extension.
Moreover, the monthly charts show a notable surge of 37.05% in SHIB’s value.
Within the past day, SHIB has emerged as the frontrunner in the memecoin market recovery, showcasing significant gains amidst a positive market sentiment.
Analysis from Market Prophit on CryptoCrypto revealed a crowd sentiment of 0.1521 and a Buzz Score of 0.9025 at the time of reporting.
While there was a slight decline in Shiba Inu’s value recently, the market trajectory has shifted dramatically in the past 24 hours.
Insights from SHIB’s Market Data
Based on the analysis by CryptoCrypto, SHIB is currently operating in favorable market conditions, suggesting a potential upswing for the memecoin.
One notable indicator is Shiba Inu’s price DAA divergence, which has remained positive for the past seven days. This indicates that the price surge is backed by real user activity rather than pure speculation, reflecting confidence in the meme token’s intrinsic value.
Furthermore, SHIB’s exchange reserve has steadily decreased over the previous month, dropping from 141 trillion to 139.2 trillion at present. This declining reserve often leads to a supply crunch, propelling prices upward as buyers compete for a reduced supply of tokens.
Despite a recent price correction from $0.00001884 to $0.00001724, the demand for long positions has remained steady, as evidenced by Coinglass data reviewed by CryptoCrypto. An optimistic OI-Weighted Funding Rate over the past week indicates ongoing positive sentiment towards the memecoin.
This recent price adjustment represents a market correction that offers a favorable entry point for buyers looking to enter the market. With all these factors considered, Shiba Inu seems primed to reach $0.00001940 in the short term, while finding support at $0.00001736 in the event of a market correction.