Shiba Inu May Rebound Based on Technical Indicators

user avatar

by Giorgi Kostiuk

2 years ago

The largest meme token Shiba Inu has failed to reach a new all-time high in the current cycle, experiencing a significant drop since December 2023. However, some technical indicators suggest a potential rebound soon.

Market Dynamics Before US Elections

The second-largest meme coin Shiba Inu showed sluggish performance ahead of the US elections, with its price stuck in a range between $0.000014 and $0.00002 for weeks.

Post-election and December Peak

Following the US elections and Trump's victory, SHIB surged to a multi-month high of just over $0.0003. At the start of the current month, the asset went on the offensive again, peaking at $0.0000335 on December 8. However, the price started to decline sharply shortly afterward, especially following the latest FOMC meeting.

Technical Indicators and Forecasts

Current data from popular analyst Ali Martinez shows a potential rebound to $0.000029, based on the TD Sequential indicator, which also identified local bottoms for DOGE and BTC.

Despite recent downturns, Shiba Inu has the potential for recovery, thanks to technical indicators pointing to a possible rebound in the near term.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.

user avatarMaria Fernandez

Germany's Sparkassen Group Begins Cryptocurrency Trading Rollout

Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.

user avatarGustavo Mendoza

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

user avatarRajesh Kumar

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.