• 22 June, 2024
Market News

Shiba Inu (SHIB) Poised for New Heights as Pacquiao NFT Drops

Shiba Inu (SHIB) enthusiasts are keeping a keen eye on the crypto market, as the popular meme coin shows signs of gearing up for a potential climb. With a stable Relative Strength Index (RSI) and a clear uptrend in sight, SHIB may be on the cusp of setting a new price milestone. 

As tweeted by Lucie, a prominent figure at SHIB, the recent launch of the Pacman Pacquiao x Shib NFT. Pacman’s Foundation is joining forces with Shiba Inu to extend their humanitarian efforts and make a positive impact in the Philippines hence this cover has added excitement to the SHIB community.

Currently trading at $0.00000851, SHIB has experienced a slight 5.18% price decline in the last 24 hours but has still managed to maintain a 3.25% increase over the past 7 days. With a circulating supply of 590 trillion SHIB tokens, the market capitalization stands at a substantial $5,018,562,410.

Examining the technical indicators, the 4-hour SHIB RSI is at 40.93, suggesting that SHIB’s current price is in a neutral zone. This implies that there is currently neither overbuying nor overselling occurring in the market. The RSI serves as a crucial tool for traders to gauge the momentum of an asset, and a neutral zone can signal a potential turning point in either direction.

The SHIB 50 EMA (Exponential Moving Average) stands at 0.00000859, indicating relative price stability and a lack of significant fluctuations. This suggests a period of consolidation or a balanced level of buying and selling pressure in the market.

However, the SHIB 100 EMA, currently at 0.00000830, shows a slightly lower reading than the 50 EMA, hinting at a potential downward trend. It’s important to note that this difference is relatively small and may not necessarily indicate a substantial shift in market sentiment.

The 200 EMA, at 0.00000796, suggests a more pronounced downward trend for SHIB, with prices consistently lower than both the 50 EMA and the 100 EMA. This could be a sign of stronger selling pressure or a lack of buying interest in the market.

Examining the Bollinger Bands, the upper band is at 0.00000946, while the lower band is at 0.00000843. These readings indicate that SHIB is currently trading within a relatively narrow range, with minimal difference between the upper and lower bands. This could imply a period of consolidation or market indecision, where neither buyers nor sellers have gained significant control.

SHIB/USD 4-hour price chart, Source: TradingView

Shiba Inu (SHIB) is currently in a neutral zone with stable technical indicators. While there are hints of a potential downward trend, it’s essential to consider the broader market context and upcoming developments, such as the Pacman x Shib NFT collaboration, which could have a significant impact on SHIB’s price trajectory. Traders and investors should closely monitor these factors to make informed decisions in the ever-evolving cryptocurrency market.

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