Investors have taken notice of Shiba Inu (SHIB) as its chart displays a significant surge in capital inflows and buying pressure. The surge in support has many speculators wondering if this positive momentum is enough to initiate the much-anticipated price rebound. With increased interest surrounding Shiba Inu, attention is being focused on whether this surge in support will ultimately lead to revitalization of the cryptocurrency’s fortunes.
Shiba Inu has been seeing relatively low volatility on higher timeframe price charts; since May 8th, its price has remained within a range of $0.00000832 and $0.00000914, indicating a period of consolidation. As of writing, Shiba Inu’s price on CoinGecko reflects at a barely noticeable $0.00000871. In the past 24 hours, the cryptocurrency experienced a slight slump of 1.4%. The meme coin was up only a meager 0.3% over the course of the last seven days.
Despite the recent price consolidation, the daily chart’s CMF and RSI have shown notable upward movements in the past few days. The CMF suggests increased capital inflows, while the RSI indicates rising buying pressure. To analyze the potential price movement of Shiba Inu, traders have utilized the Fibonacci retracement tool — if the current trend continues, and the overall macro-environment conditions keep improving, there is a possibility of a rally and reaching the 23.6% Fibonacci retracement level — which stands at roughly $0.00000967.
Various factors influence the realization of this potential rally in SHIB, including the continuation of the current trend, market sentiment, and broader macroeconomic conditions. As traders monitor these factors alongside the Fibonacci retracement levels, they will closely observe whether SHIB can, in fact, rally to the 23.6% Fib level and what it means for its future trajectory.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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