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Crypto news: Shiba Inu (SHIB), the self-proclaimed "Dogecoin Killer," eagerly approaches a crucial juncture, poised to surpass a vital resistance level and potentially initiate a bullish surge. The playful meme coin, celebrated for its extensive community, hovers at a current price of US$0.00000932, exhibiting a 24-hour trading volume of $122.47 million. Over the last 24 hours, SHIB has experienced a slight dip of -2.4%. It stands -3.05% below its 7-day peak of $0.000009588 and 5.56% above its 7-day low of $0.000008806.
Shiba Inu, the popular meme coin, is currently teetering around the $0.00001 mark, a pivotal price point that transcends mere numerical significance. This threshold harbors a substantial "profitability cluster," encompassing a whopping 1.3 trillion SHIB tokens predominantly held by early investors. This zone has historically been a battleground, witnessing a tug-of-war between sellers eager to cash in and buyers seeking to propel the price upward.
Recent analyses suggest a shifting tide in this struggle. There's a discernible downtrend in the number of tokens within the profitability cluster, indicating a potential alleviation of selling pressure. Combined with the diminishing size of the cluster, this dynamic sets the stage for a more conducive environment for Shiba Inu's growth.
The significance of a potential breakout above $0.00001 extends beyond technical implications; it carries psychological weight. Surpassing this barrier could signify to the market that SHIB is transcending its meme coin origins and positioning itself as a more serious player in the crypto space.
The numbers lend credence to this narrative. Insights from IntoTheBlock unveil a noteworthy surge in large-holder inflow, with whales accumulating a staggering 2.31 trillion SHIB in just two days. This influx signals heightened interest and participation from major players, potentially propelling a bullish rally.
Amidst the speculative fervor, the question arises: Is this surge in interest mere hype, or is there substance underpinning the momentum? While SHIB's future remains uncertain, several factors bolster its case:
Community Strength: SHIB boasts a fervent and vocal community, often credited with steering its price rallies through its enthusiasm and robust social media presence.
Exchange Listings: The meme coin has successfully secured listings on major exchanges like Kraken and Coinbase, broadening its accessibility and bolstering its mainstream appeal.
ShibaSwap Ecosystem: The SHIB development team is actively working on its decentralized exchange, ShibaSwap, along with other projects. These initiatives have the potential to add utility and long-term value to the SHIB token.
The spotlight is currently on the targeted breakthrough of the 1.3 trillion SHIB barrier, symbolizing a crucial moment for this meme coin. With the recent surge in large-holder inflow and the potential technical breakout above key resistance levels, Shiba Inu appears poised for a substantial leap forward in its journey from meme coin to a more serious contender in the cryptocurrency landscape.
From a technical standpoint, Shiba Inu's (SHIB) crypto price recently experienced a rebound from the 200-day Exponential Moving Average (EMA) and successfully breached the trendline resistance, signaling a positive long-term outlook. Buyers have effectively defended lower levels, maintaining a favorable trend.
Upon examination of the daily chart, SHIB has surpassed both the 50 and 20-day EMAs, indicating an intention to reach higher levels and resume its long-term upward trajectory. As of the current writing, the Relative Strength Index (RSI) stands at 48.50 points, positioned above the mean line, while the Simple Moving Average (SMA) is at 46.85, hovering near the mean line. This suggests that the breakout is supported by momentum, and the crypto may continue its upward trend. Additionally, the RSI line has made a bullish crossover of the SMA line, signaling a prevailing positive sentiment in the market.
Looking ahead to February 2024, analysts hold a positive outlook, predicting a potential upside of over 23.7%, pushing the Shiba Inu price beyond the $0.00001169 mark. Conversely, a bearish perspective suggests a potential price decline toward the lower levels of $0.0000085 and $0.0000080 if the cryptocurrency breaks below the 200-day EMA.
