Shiba Inu’s price is currently navigating a pivotal phase, influenced by various fundamental factors that could spark an impressive rebound. With the overall cryptocurrency market showing signs of recovery and increasing open interest indicating growing investor interest, many are wondering: Could the Shiba Inu price surge by 45% and reattempt its December highs?
Shiba Inu Price and Fundamental Influences
The SHIB price holds potential upswing momentum, boosted by several tailwinds. A notable trend is the rising SHIB burn rate, which reduces the circulating supply of tokens and could support higher prices. Recent statistics reveal a decline in SHIB tokens available on exchanges, dropping from 260.3 trillion to 258.7 trillion—a decline of approximately 0.6%. Such movements suggest that more investors are opting to hold onto their tokens longer, contributing to a positive sentiment around the Shiba Inu coin.
Another exciting development is the shift in Shiba Inu exchange balances. This week witnessed a promising increase in interest within the futures market, where open interest has escalated from a mere $50 million in December to an impressive $65.4 million. This is the highest level seen since late December. Additionally, the political climate, especially regarding the new administration and potential regulatory changes, could favor SHIB in the coming period.
Technical Indicators and Shiba Inu’s Future
The question on everyone’s mind: Will the Shiba Inu price rally by 45% and approach the highs of January? Technical analysis provides a mixed bag of signals. On the positive side, SHIB remains above its 200-day moving average, a significant support level, and has stayed within a rising trendline traced from its lowest points since September. The MVRV indicator, currently at 2.7, hints that SHIB could be undervalued—a promising indicator for those seeking entry points. Additionally, SHIB has shown a cup-and-handle-like pattern, potentially pointing to a bullish breakout ahead.
However, caution is warranted. There are signs that SHIB may form a bearish pennant pattern, suggesting that a significant price move could be on the horizon—either up or down.
Price Expectations and Targets
Should the stars align and SHIB make its upward leap, a key resistance level to watch would be $0.00003270, roughly 45% above its current level. Conversely, a slip beneath the support level at $0.00001857, which was observed on December 20, would undermine this bullish outlook and possibly lead to a decline toward the crucial support of $0.00001192.
Addressing Common Questions
- What could trigger a rebound in Shiba Inu price?
The presence of bullish catalysts, ongoing supply constraints, and a favorable futures market set the stage for a meaningful recovery, making a return to December highs plausible. - What’s fueling the rise in SHIB coin price?
The SHIB price is part of a larger crypto market recovery, with many coins experiencing gains as investor sentiment improves. - What does the future hold for Shiba Inu?
As one of the original meme coins, Shiba Inu has significant potential as the crypto market evolves and gains mainstream traction.
With rising open interest and a favorable market environment, many enthusiasts are keeping a close eye on Shiba Inu’s journey. Whether it can reclaim its December highs remains to be seen, but the excitement surrounding SHIB is palpable. Are you ready to keep an eye on the potential price rally?
