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Things are beginning to turn around for good for Shiba Inu (SHIB), with an aggressive sell-off in the ecosystem now beginning to fade away gradually. Per data from CoinMarketCap, Shiba Inu is changing hands for $0.000009605, with a counterbalanced growth rate that shows the actions of the market bulls now match up with those of the bears.
Tomiwabold OlajideShiba Inu's trading volume is also wriggling out of the red zone, with a 1.3% uptick to $108,181,442 in 24 hours. On-chain insights from Shiba Inu show the token is on the edge as it can easily flip toward the bullish zone if the bulls were to press slightly harder beyond the current whale action.
The token’s Relative Strength Index (RSI) on the daily chart reads 46, showing it is in the neutral zone and can easily be shaped with an extra buying spree to change course. The Moving Average Convergence Divergence (MACD) indicator is also flashing signs that show the MACD line is looking to cross above the signal line, a move that will show a major push for new highs.
Bullish changes coming to Shiba Inu
Since Shiba Inu lost a zero recently, it has been doing all it can to return back to break the resistance wall at the $0.00001 level. This fight back has been marked by a general inconsistency in the market that has seen Bitcoin’s price consolidating between the $42,000 and $43,500 price marks.
Godfrey BenjaminThe attempt by Shiba Inu to print a solo ride has been masked by the dwindling of trading volume as well as the slowed pace in the burn rate and Shibarium’s daily transaction count. These are indicators that typically show Shiba Inu’s network health, and as part of the ongoing revival push, they are signaling impressive bullish changes.
Overall, Shiba Inu bulls are ready for the next major leg up, and the tiny trigger is being anticipated to achieve this goal.
Arman Shirinyan
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin