Shiba Inu (SHIB) has recently demonstrated a promising recovery, aligning with the broader bullish trend in the crypto market. This represents an increase of 3.66% over the last 24 hours, making a trade around $0.00001778 or a 4.67% weekly gain despite continued fluctuations in the market.
The resilience of Shiba Inu is notable, especially considering the recent cyber incident involving an Indian exchange, WazirX, which resulted in significant asset losses including billions of SHIB tokens. This event, though potentially damaging to SHIB’s market perception, did not deter investor interest as evidenced by the coin’s rebound and the community’s robust response.
Currently, SHIB’s technical indicators suggest a bullish sentiment among investors. The Relative Strength Index (RSI), standing at 49.34, indicates a neutral market but leans towards a bullish bias, hinting at increasing buying activity. The RSI’s position suggests there is ample room for upward price movement before the asset becomes overbought.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line crossing above the signal line. Many traders believe that this is a sign that SHIB could keep increasing if the trend persists.
SHIB Price Movements and Support Levels
After surpassing it recently, SHIB has established itself at $0.000017 as its key support level. Consistently holding above this level could result in a potential increase of 14.19%, aiming for the subsequent resistance point at $0.000020 according to market analysis.
On the other hand, should it fail to defend its present support, SHIB may drop to lower support levels at about $0.0000147.Such a fall would constitute a minor correction that may change but is currently bullish.
Trading volume has however reduced by about 54.52%, bringing it down to $473.09 million whereas SHIB’s market cap rose to $10.47 billion making it rank as the 13th largest cryptocurrency indicating investors’ accumulation movement because of higher prices yet little trading volumes.
Shiba Inu Community Warned: Imposters Posing as Shytoshi Kusama on Telegram
If SHIB breaks through resistance at $0.000020 and closes above this price level some analysts suggest that it may trigger upward momentum towards reaching $0.000026 which was anticipated by them as well earlier on when we observe the chart. It could also confirm the bullish trend and draw more participants into this meme coin.
Scammers Impersonating Shytoshi Kusama on Telegram Shiba Inu Community Alerted
The Shiba Inu community has been alerted to a growing concern involving scams on Telegram, where individuals impersonating Shytoshi Kusama, a leading figure within the SHIB ecosystem, are soliciting funds from unsuspecting holders. As such, ShibArmy Scam Alerts by X handle have issued warnings reminding people to be vigilant in their association with other members of SHIB.
This warning serves as an important reminder that investors need to verify all communications and exercise caution, particularly on DM platforms like Telegram where such scams are becoming rampant. Moreover, it is yet another ploy by scammers who pretend to be Kusama only to steal money from unsuspecting individuals who sometimes strongly believe in the project and trust its founder wholeheartedly.
