Shiba Inu is trading at $0.00001397, marking a 5.19% increase in the last 24 hours
As of September 19, 2024, Shiba Inu (SHIB) has experienced a significant price movement, with its value at $0.00001397, marking a 5.19% increase in the last 24 hours. This price hike corresponds with an overall market capitalization rise of 5.20%, bringing it to $8.23 billion, positioning SHIB as the 13th largest cryptocurrency by market cap.
The chart patterns indicate that SHIB is attempting to break out from a previous consolidation phase, displaying a notable upward trend over the last several days. In particular, we can see bullish momentum since September 18, following an announcement by the U.S. Federal Reserve about a 50-basis-point rate cut, which seems to have triggered increased market activity across the crypto space. This has led to increased liquidations of short positions, contributing to price fluctuations.
Technical Indicators:
Relative Strength Index (RSI): On the 30-minute chart, the RSI stands at around 68.09, indicating that SHIB is approaching overbought territory. A move beyond 70 on the RSI would suggest that a price correction might occur soon, as traders may look to secure profits.
Exponential Moving Averages (EMA): The 50-EMA currently sits around 0.00001358, while the 200-EMA is lower at 0.00001343, signaling a short-term bullish crossover. This “Golden Cross” typically indicates a potential for continued upward movement, though overbought signals on the RSI caution against over-optimism without a retracement.
Volume: Trading volume for SHIB has seen a surge, with a 54.42% increase in 24-hour volume, reaching $208.74 million. This uptick suggests heightened investor interest, likely fueled by the broader market’s bullish movements.
Market Sentiment and Influences:
The broader cryptocurrency market has been positively impacted by the Federal Reserve’s interest rate cut, leading to a 1.9% increase in the total global crypto market cap, now sitting at $2.23 trillion. For SHIB, this has coincided with a notable surge in both price and volume, indicating growing investor sentiment and FOMO (fear of missing out) among traders.
However, with high volatility and increased liquidations in the market, SHIB may be subject to significant price swings in the coming days. Many of the liquidated positions (about $126 million) were shorts, reflecting an environment where bullish sentiment caught bearish traders off guard.
Near-Term Price Outlook:
While SHIB is demonstrating short-term bullishness, traders should be aware of the possibility of a pullback, especially if the RSI continues to move into overbought territory. Additionally, should SHIB fail to maintain its support levels at the 50-EMA or 200-EMA, the token could face a minor correction. However, as long as trading volume remains elevated and SHIB holds above key moving averages, the overall trend appears positive.
In conclusion, while SHIB is riding on bullish momentum and benefiting from favorable macroeconomic conditions, it is crucial for traders to watch key technical levels, such as the RSI and EMA, to gauge whether the price can sustain its current uptrend or if a retracement is on the horizon.
Key Data Summary:
Current Price: $0.00001397
24-Hour Price Change: +5.19%
Market Cap: $8.23 billion
Trading Volume: $208.74 million (+54.42%)
RSI (14): 68.09 (near overbought)
50-EMA: $0.00001358
200-EMA: $0.00001343
This overall analysis highlights the positive outlook for SHIB, especially in light of the broader market’s bullish conditions, while also cautioning against potential overbought signals in the short term.