On February 15, SHIB tried to surge upwards, but couldn’t maintain the momentum and soon experienced a pullback.
If we examine SHIB’s daily chart trends post-June 2023, it’s clear it has been moving within an upward parallel channel.
This bullish momentum saw its peak around December 17, SHIB price hitting a high of $0.0000120 before entering a downward phase, adhering to a resistance line that nudged it toward the lower boundary of the channel.
We're diving into the latest activities surrounding SHIB’s price and exploring what the future might hold for this token’s value trajectory.
Given the erratic nature of meme coins, staying updated on Shiba Inu developments is crucial to understanding market trends.
Analyzing SHIB's Price Volatility Within a Corrective Structure
In February 2024, SHIB managed to break through a descending resistance line but couldn’t make it past the channel’s middle range, facing rejection.
The daily Relative Strength Index (RSI), a key tool for traders to assess assets as overbought or oversold, shows a mixed signal. Normally, an RSI above 50 signals bullish strength, while below 50 points to a bearish tilt. At present, SHIB’s RSI hovers at 50, reflecting market indecision.
Further detailed analysis of the six-hour chart implies a potential drop ahead, based on both price trends and RSI readings. SHIB currently settles in the lower regions of a short upward channel, set in motion after resistance rejection on February 16.
This downward movement corresponded with the six-hour RSI slipping below 50, suggesting a bearish outlook.
Exiting this channel could confirm bearish tendencies, potentially bringing SHIB down by 17% to the support level around $0.0000080.
Alternatively, a break out of the ascending channel might indicate a local bottom, paving the way for a promising 16% rise to a new resistance point at $0.0000110.
How to buy SHIB?
To acquire Shiba Inu (SHIB), various established crypto platforms like Gate.io are available. Start by creating and verifying your account there, ensuring security measures are met. Following setup, deposit funds via multiple methods—bank transfers, credit cards, or crypto transfers.
Upon funding your account, head to Gate.io's trading menu to locate the SHIB token. SHIB is available in diverse currency pairings; opt for one matching your current funds.
Decide between a market order to buy SHIB at real-time prices or a limit order for buying at your chosen rate. Enter the amount of SHIB desired, confirm the buy, and SHIB tokens will be directed to your Gate.io wallet, finalizing the trade. For further assistance, follow how to buy SHIB detailed instructions, guiding you through each stage of the process.
A competitive market
SHIB isn't the sole player in the meme coin arena; plenty more tokens are breaking into the scene. Beyond Bonk (BONK) and Dogecoin (DOGE), the meme coin landscape teems with contenders like SafeMoon, PepeCoin, and Kishu Inu, each vying for their share of this volatile market with distinct branding and community bonds.
For instance, SafeMoon promotes a tokenomics model focusing on rewarding steadfast holders, thereby supporting investment stability. PepeCoin capitalizes on the beloved Pepe the Frog meme to instill a sense of unity among its community. Like SHIB, Kishu Inu banks on the charm of dog-themed crypto, boasting various DeFi offerings to attract investors.
While they may originate as whimsical ideas, these meme coins are solid players, offering innovative angles and functionalities, intending to provide both entertainment and genuine value to their supporters.
SHIB gets burned
Shiba Inu (SHIB) embraces token burning to strategically decrease circulating supply, potentially enhancing scarcity and value over time. Token burning involves sending a set number of tokens to a permanent “dead” wallet address, rendering them unusable.
This burning process can be initiated by developers or community events, utilizing transaction fees or smart contracts dedicated to burning. By shrinking the supply, SHIB aspires to induce deflationary effects that, ideally, can elevate its value if demand holds steady or increases. The SHIB community closely monitors these burn activities, which promise not just price stability but also the coin’s long-term sustainability.
