07 Jun

Crypto analyst Thescalpingpro has advised investors to buy Shiba Inu (SHIB) during its current dip, suggesting that this might be the last chance to purchase SHIB before a potential price increase. At present, Shiba Inu is trading at $0.00002529, reflecting a 1.43% drop for the day and a 2.18% decrease over the past week. Additionally, SHIB’s trading volume has decreased by 43% to $397.78 million, and its market capitalization has fallen by 1.50% to $14.88 billion.

According to TradingView data, SHIB's price has been relatively stable with moderate volatility this month. The price consistently finds support around $0.000022 and faces resistance at $0.000027, struggling to break this level. Volume trends show a few noticeable spikes, significantly lower than previous periods like the March surge, indicating decreased trading activity and often accompanying consolidation phases. 

These phases usually precede significant price movements as traders anticipate a breakout.

On June 5, SHIB peaked at $0.00002633 after surpassing the $0.000025 level and the 50-day exponential moving average (EMA), bringing mid-term bullish momentum supported by Bitcoin’s resurgence and a broader market uptrend. However, the $0.000026 level remains a significant resistance point. 

According to IntoTheBlock data, 64,320 addresses bought 69.74 trillion SHIB tokens at an average price of $0.000026, and these addresses tend to sell off their holdings each time SHIB retests this price, increasing selling pressure and leading to a price correction.

As SHIB has retraced most of its recent gains and fallen below $0.000026, it now aims to stay above $0.000025 to prepare for another potential upward push when bullish sentiment returns. Coincodex predicts that SHIB’s price could rise by 226.28%, reaching $0.00008195 by July 7, 2024.

June 2024, Cryptoniteuae

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