The self-proclaimed “DOGE killer,” that is, Shiba Inu, is catching up on the market after hitting a monthly high of $ 0.0000095. Although shortly after orders were executed that brought the price back to its current price, at $ 0.00000846. The fact is, that it is quite close to a resistance that, if it is overcome, another zero could be eliminated in the cryptocurrency; And it is possible that the momentum of the crypto fever allows this to happen.
Still, there are more important points to note and keep in mind; such as fundamental facts, returns, or others, and we will analyze it below. It is worth noting that at the time of writing SHIB, the native token of Shiba Inu, registers a gain in the last 24 hours of 2.50% according to the CriptoTedencia listing.
Shiba Inu could achieve its ATH in the long term and these factors support you
First of all, it is important to note that the burning of tokens has been implemented in Shiba Inu, despite the fact that it is news that was released in mid-July, it is a prudential aspect that must be taken into account at the moment to perform the analysis of a crypto. Since burning reduces the amount of assets in circulation, thus increasing their scarcity over time.
Token burns will take place on SHIB and LEASH tokens according to the project’s own reports.
On the other hand, we must also remember that the Shiba Inu user community continues to grow; This data has been collected from Crypto.com, where it can be seen how the users of SHIB and DOGE communities increased by more than 54%.
This is clearly positive for Shiba Inu. Since, it means that they have strong support from the community, and that they will not falter in the first fall. In addition to this, we also find facts that show us how popular this project has become; as for example, the recent integration of said crypto to eToro, Coinbase or other platforms.
In short, we should see a strong uptrend in the token. However, it is a matter of holding and being attentive to market movements. While this is happening, let’s preview the short-term charts to assess what its performance could be in the coming days.
When opening the Shiba Inu chart, it can be seen that before the uptrend started it was in a period of accumulation; and currently you can also see the formation of a lateral channel that indicates the same.
However, it also shows how the 50-period EMA and the 20-period midline of the ENV channels are about to cross to the upside. This indicates that we are about to start an upward trend, which in turn can be confirmed by the RSI, since it is in neutral territories; and in addition, there is a slight rebound that indicates that traders are buying.
On the other hand, the crossing of the candles above the average levels of the ENV channels and the low volume also confirms the bullish continuation; If it happens, it is certain that we will see Shiba Inu (SHIB) close to $ 0.000009 during the next few hours.
However, the closest resistance is located at $ 0.00001. Therefore, at this time you have to be attentive to the closing of the 4-hour candles and the crossing of the EMAs to open a perfect order.
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.