- Shiba Inu stood out with a 4% surge amid a week of crypto losses.
- Increased buying pressure and reduced exchange supply drove SHIB’s recent rise.
- Despite bullish sentiment, indicators hint at a potential 6.24% drop for Shiba Inu by December 23, 2023.
Shiba Inu (SHIB) has witnessed a remarkable 4% surge in its value despite the sea of red across the cryptocurrency market. While most digital assets experienced a downturn in the past week, SHIB chose a different trajectory, demonstrating a bullish stance.
Analyzing the factors behind this surge reveals a distinctive pattern. The surge in SHIB’s value was buoyed by an evident increase in buying pressure coupled with a reduction in its supply on exchanges.
Reports from Santiment highlighted this intriguing dynamic. While the supply on exchanges dwindled, the supply outside of exchanges saw a slight uptick. This created a scenario where the demand for the meme coin soared, contributing significantly to its upward trajectory.
However, technical analysis indicates a potential bearish correction looming on the horizon. According to CoinCodex’s Shiba Inu price prediction, the meme coin might face a downward slide of approximately 6.24% and reach $0.059421 by December 23, 2023. This projection casts a shadow over SHIB’s otherwise resilient performance.
As the crypto community watches with anticipation, the current sentiment remains relatively bullish. The Fear & Greed Index sits at 65 (Greed), signifying an optimistic outlook. Despite this, caution prevails as indicators hint at a potential correction, despite Shiba Inu’s recent commendable surge amidst a broader crypto downturn. The stage is set for a critical juncture as SHIB navigates the volatility of the market in the final stretch of 2023.
