Shiba Inu (SHIB) never fails to surprise investors with its technology upgrade. For example, SHIB announced a new Visa card that will be used in payment to help burn SHIB tokens. This benefits investors since a scarce crypto asset is preferred over an unlimited supply of digital assets. In short, the lesser the token supply, the bigger the chance that the crypto price might surge. However, this is not always the case, SHIB price surge still relies on many factors.
Read CRYPTONEWSLAND onOn the other side, SHIB maintains the top position in the cryptocurrency market regarding market capitalization.
Based on the 1-day chart displayed above, both the RSI and MACD of SHIB maintain their uptrend position. In detail, the RSI of SHIB keeps its position within the 70-30 range. This means the cryptocurrency is neither overbought nor oversold, an uptrend position.
Meanwhile, the SHIB MACD continues to move above the zero level. Through this, it is safe to say that SHIB may still have the chance to boost its trading position. Conversely, if SHIB falls below the zero line, it will be a different story. In this case, traders and investors must act wisely to avoid a major price plunge.
To sum it all up, if SHIB maintains its bullish position in the RSI and MACD indicators, there is a chance of a price jump. It may break its resistance level and reach the price of $0.000016.
In other news, Kraken has trumped Binance for the crown of favorite crypto exchange. Indeed, it seems Kraken is the most popular cryptocurrency exchange in the hearts and minds of many crypto enthusiasts.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
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