Shiba Inu was created as a parody of Dogecoin and launched in August 2021. It quickly gained popularity due to its meme-inspired branding and early support from high-profile individuals in the cryptocurrency community. It uses the Ethereum blockchain for decentralization and operating as a peer-to-peer digital currency.
Shiba Inu is often referred to as a “Meme Coin” and is known for its distinctive dog logo. The supply of Shiba Inu is limited to 50 Trillion coins, and it can be traded on cryptocurrency exchanges like any other digital currency. Like all cryptocurrencies, the value of Shiba Inu can be volatile and is subject to market conditions.
Shiba is currently hovering around $6.8 billion in market capitalization, with daily transaction volumes spiking by over 85% in the last 24 hours. Coincidentally, the year-to-date gains of Shiba Inu are similar to the gains made in the last thirty days, which indicates a changing scenario to be developing since the beginning of 2023.
Shiba Inu price action has become the epitome of buyers’ support and sellers taking a back seat. The candlestick is constantly trying to breach its immediate resistance target of $0.00001323. The support offered by the 200 EMA curve has become a critical component of inciting buyers to keep pushing to rally forward. Read our SHIB forecast to know if it can sustain the 200 EMA mark!
With the positive gains continued in February 2023, SHIB has scaled massively in 2023, which is great considering the negative movement and profit booking dominating the entire 2022. The only concern for the candlestick formation is the higher wick volumes previously seen in the first few attempts to retest its immediate resistance in the second week of January 2023.
Hence, buyers should not stop themselves from participating in this rally but keep their position size smaller for fresh entries as a decent upcome could push under-profit holders to book profit at the slightest selling in market leaders.
Shiba Inu is currently trading with an RSI indicator re-entering the overbought zones of 75. At the same time, the MACD indicator, which was showcasing some slack by sellers, has retraced toward creating a bullish crossover pattern. On completing this pattern, the value of SHIB will touch its recent resistance of $0.00001323 and trade forward with strong rallies.
On weekly candlestick charts, Shiba Inu has already overcome the previous resistance zones that created a pullback. SHIB can quickly jump towards $0.00001700 levels on a continued rally.
With strong rallies, buying intensity would gradually increase since the token has been idle for quite a long time. It would create itchy fingers for buyers who could feel a fear of missing out in case of a strong uptrend.