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Shiba Inu (SHIB) Analysis
Investing 101
Dec 20, 2023

Shiba Inu (SHIB) Analysis

The Shiba Inu (SHIB) market as it continues to show signs of strength. A recent technical analysis indicates a promising trade setup, with the price breaking above the $0.000010 resistance. 

SHIB Analysis

Traders are eyeing a potential swing trade entry opportunity as the price pulled back to $0.0000010, anticipating a revisit to $0.000012. The bullish momentum gained traction after a successful breakout from a Falling Wedge pattern and a subsequent move above the 200-day moving average, confirming a trend reversal to an Uptrend. The breakout was also retested, adding confidence to the bullish outlook.

SHIB Returns

The token's 30-day average is exhibiting a robust upward trend, surpassing its 200-day average. This particular alignment often serves as a strong indicator that SHIB is entering an expansionary phase. The Relative Strength Index (RSI) for SHIB has shown promising signs. After a temporary decline from the 70 level, the RSI is now on a modest ascent, suggesting a possible precursor to a more significant climb in the token's value. The RSI is a widely used momentum oscillator, and this reversal from a lower level is often viewed as a bullish signal by technical analysts.

The reinforcing factor supporting this optimistic view is the remarkable increase in SHIB's trading volume. Over the past month, the trading volume has surged by approximately 92%, indicating heightened market activity and increased interest in the token. Looking back over a 90-day period, the trading volume has experienced an even more substantial surge, rising by an impressive 230%. 

SHIB Chart

Despite a slight drop of 2.55% in the last 24 hours, SHIB has risen by 9.4% over the last week, and in the last 30 days, it boasts a remarkable 17.74% increase. Notably, the trading volume has spiked to $250 million, suggesting a renewed interest from whales in the SHIB token. This influx of capital could potentially lead to further gains in the coming weeks.

@Shibtoken on X

Shiba Inu (SHIB) Expands with Strategic Partnership

In a significant development, Shiba Inu has unveiled a strategic partnership with Web3.0 domain player, D3, known as "Partnershib." This collaboration aims to elevate digital identities to unprecedented levels by securing the ".shib" Top-Level Domain (TLD). The .shib TLD is considered the "Holy Grail" of the digital asset ecosystem, offering unique functionality. Shiba Inu users will have the opportunity to acquire customised domain names with a ".SHIB" extension, simplifying onboarding for non-native crypto users and aligning SHIB with other major protocols like Ethereum and Solana that have introduced similar domain names. This move, coupled with positive updates like the Shibarium layer-two network, contributes to the overall bullish sentiment surrounding SHIB.

Justin Sun's SHIB Maneuver Sparks Optimism and Speculation

Tech mogul Justin Sun's recent involvement in the Shiba Inu ecosystem has ignited optimism and speculation within the community. Sun's withdrawal of 577 billion SHIB from Binance has resulted in a 5.65% price increase for SHIB. Community members are actively discussing the implications of this transfer, proposing various scenarios. Some believe the tokens could be used to accelerate the SHIB burning process, following recent successful burn transactions on the Shibarium network. Others speculate that Sun may use SHIB to bridge onto Shibarium Layer 2, enhancing the token's utility. Despite the positive developments, SHIB's market value has seen a 2.5% decrease, emphasising the complexity of market dynamics and the need for cautious analysis.

@ShytoshiKusama on X

Shiba Inu (SHIB) continues to be a focal point in the cryptocurrency space, with technical analysis pointing towards a sustained uptrend. The recent surge in price, coupled with strategic partnerships and the involvement of prominent figures like Justin Sun, adds layers of complexity to SHIB's narrative. We are eagerly watching how these factors will unfold in the coming weeks, anticipating further developments that could shape the future trajectory of Shiba Inu in the dynamic crypto landscape.

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