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.
Read CRYPTONEWSLAND onAnalyzing 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.
The current bull run has brought excitement and opportunities for those keen on #cryptocurrency. Timing…
Explore why #BlockDAG, with its innovative DAG tech and $50.8M presale, is the top 2024…
Ethereum whales accumulated 700,000 ETH worth $2.45 billion in three weeks amid market volatility! Over…
These coins have unique characteristics and recent developments that make them potential candidates for substantial…
Get the latest news about Bitcoin regulation at a Washington, D.C. roundtable. #Bitcoin #Biden #Crypto…
Get the latest news on Deutsche Telekom's plan to venture into Bitcoin Mining at BTC…