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Shiba Inu (SHIB) Finally Soars Upward, Gaining Slight Momentum

Tue, 05/23/2023 - 17:00
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Arman Shirinyan
Shiba Inu finally showing some positive traction on market
Shiba Inu (SHIB) Finally Soars Upward, Gaining Slight Momentum
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After a lengthy period of lateral movement, Shiba Inu (SHIB) has finally demonstrated a definitive upward trend, surging by more than 4.7% and reaching the $0.0000088 price level. This welcome shift in momentum ends a two-week sideways drift and instills a renewed sense of optimism in SHIB's dedicated community of followers.

Notably, the recent surge is accompanied by an impressive spike in trading volume. The increase in trading activity suggests amplified interest in SHIB and may imply more extensive market participation. This heightened activity is often a precursor to more significant price movements and, if sustained, may pave the way for further gains for the token.

Furthermore, technical indicators are also aligning favorably for SHIB. The Relative Strength Index (RSI), a popular tool used to evaluate the speed and change of price movements, has shown an uptick. A rising RSI is generally perceived as a bullish signal, suggesting that the current momentum may continue to carry SHIB's price upward.

XRP and Head and Shoulders

XRP could be in the process of forming a notable chart pattern, known as the "Head and Shoulders." The "Head and Shoulders" pattern is a classic technical analysis tool that often signifies a reversal trend, with the potential to indicate significant price movement.

A standard "Head and Shoulders" pattern is characterized by three peaks in price, with the middle peak (the "head") being the highest, and the two outer peaks (the "shoulders") lower but relatively similar in height. This formation is typically accompanied by a "neckline," which is a level of support or resistance drawn at the base of the peaks.

XRP Price Chart Teases Explosive Upturn Ahead

For XRP, the formation of this pattern could indicate an impending price reversal. The digital asset has been moving in a sideways trend recently, indicating a period of consolidation after a previous move. If XRP's price completes the formation of the "Head and Shoulders" pattern and breaks below the neckline, it may potentially signal a bearish reversal, leading to downward price movement.

On the other hand, in an ideal situation, if XRP can invalidate this pattern by breaking above the right shoulder, it could present a bullish scenario. Sideways trends can often serve as the base for an upward breakout, suggesting that XRP might still have some upside potential.

PEPE follows SHIB

PEPE, the meme cryptocurrency, is seemingly tracing the footsteps of another famous meme coin, Shiba Inu (SHIB). After its initial meteoric rally, PEPE is now in a notable reversal trend, sparking speculation over its potential for a long-term recovery.

PEPE's trajectory bears a striking resemblance to that of Shiba Inu's historical performance. Much like SHIB, PEPE saw a sudden and dramatic rise in price, propelling it to unexpected heights. However, in the weeks following this rally, the asset has experienced a significant pullback, losing approximately 50% of its value from its all-time high (ATH).

SHIB's Position Challenged as PEPE Dominates Trading Firm's Portfolio

The decrease in trading volume mirrors this downward trend, with nearly 90% of trading volume evaporating from the network. This drastic reduction suggests that the frenzied interest and speculation that drove PEPE's initial surge has notably cooled down. As with SHIB, a period of decreased volume and lower price level could signify the start of a long-term consolidation phase.

However, it is important to note that despite its current dip, Shiba Inu managed to maintain a strong community of supporters. This community played a key role in stabilizing the asset's value and even triggering intermittent rallies, providing the token with the necessary support to weather its downtrend. The question now is whether PEPE can cultivate a similar level of community support to drive its recovery.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.