Shiba Inu Spurts Over 12% In 24 Hours – Just For The Day Or Will SHIB Soar This Week?
November 02 2022 - 9:08AM
NEWSBTC
Shiba Inu (SHIB) price continues to move in the same trend as
Dogecoin but the asset is having problems sustaining its gains. In
fact, earlier today, the crypto managed to register a 10.3% price
pump over a 24-hour period as it traded for $0.00001342. But,
according to latest tracking from Coingecko, SHIB entered a
short-term price correction phase as it is now down by 3.3% on its
intraday charts. At press time, it is trading at $0.00001252.
Despite this, Shiba Inu is still sitting on a 22.3% increase over
the last seven days and it has also tallied a 14% surge during the
last 30 days. It is important to note that the time when the crypto
made its recent price rally coincides with the time when Dogecoin
managed to hit the $0.15 level for the first time since the month
of April. This further supported the thesis stating that SHIB is
riding the momentum of the hottest altcoin in the crypto space
today. Related Reading: VeChain Notches 10% Weekly Gains – Time For
Investors To Bet On VET? A Crucial Position for Shiba Inu To Hold
While, SHIB’s ability to sustain price surges that are inspired by
both Elon Musk and Dogecoin, some analysts believe that its recent
upswings are not just one-time bursts and could be considered as
indications of bullish trends. In fact, Shiba Inu is keeping its
head above water as it stays above the immediate support level of
$0.0000118. If it is able to maintain that and move on an upward
trend, there is high likelihood that it might start to retest the
$0.0000184 resistance zone as it aims to reach the $0.00002 marker.
If current performance is any indication, Shiba Inu might be able
to pull this off as it is performing well over the last few days.
Not only did it have price pump, but it also managed to increase
its total market capitalization, from $5.46 billion to $7.38
billion. Shiba Eternity: SHIB’s Saving Grace? While Dogecoin is
banking on the possibility of it being made into an acceptable
payment for some services in Twitter (now owned by Elon Musk), to
trigger more bullish runs in the coming days, SHIB is looking at
Shiba Eternity to do the same. The free to play mobile trading card
game is aiming to widen the reach of the Shiba Inu ecosystem and
eventually increase utility and demand of the SHIB token. Lack of
utility has always been one of the fatal flaws of this crypto that
started as a spin-off of Dogecoin as its almost 100 trillion-supply
makes it highly inflated. Among other efforts to help boost trading
price for the asset is massive burning. The latest update released
about this activity revealed that more than 268 million SHIBs were
burned (destroyed). Related Reading: FLOW Diverted By Bearish
Current Amid Relative Inactivity – Here’s Why SHIB market cap at
$6.49 billion on the daily chart | Featured image from
Bloomberg.com, Chart: TradingView.com Disclaimer: The analysis
represents the author's personal understanding of the crypto market
and should not be construed as investment advice.
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