Shiba

Shiba Inu

<p style="text-align: justify"><a href="https://en.coin-turk.com/shiba-coin-overtakes-litecoin-in-market-capitalization-amidst-market-turbulence/" data-wpel-link="internal">Shiba</a> Inu (<a href="https://en.coin-turk.com/a-closer-look-at-shibarium-restart-how-it-impacts-shiba-inu-shib-price/" data-wpel-link="internal">SHIB</a>) bulls have had a profitable December, with prices rising over 20%. However, technical analyses showed that the recent rally entered a decline zone at the $0.00001 level, and prices fell shortly afterwards.</p> 
<h2 id="loss-of-value-in-shib">Loss of Value in SHIB</h2> 
<p style="text-align: justify">The meme token’s price pullback retested a region that served as resistance just three weeks ago. Whether this level will serve as support and keep Shiba Inu on its month-long upward trend remains to be seen. The balance volume (OBV) took a giant leap at the beginning of December. At that time, prices were climbing above the $0.0000087 resistance level. This increase indicated a significant increase in purchase volume. The RSI also rose further, reflecting strong upward momentum in the daily chart, standing at 61 when the article was written.</p> 
<p style="text-align: justify">SHIB bulls continued to rise as they defended the $0.0000075 area during the mid-November decline. The recent rally also reached the $0.0000105 resistance area. It was also close to the highest level in August, and could indicate that the $0.0000105 to $0.000011 zone is a strong supply area.</p> 
<p style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-287591 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/shib.png" alt="" width="2048" height="693"></p> 
<h2 id="positive-developments-in-shib">Positive Developments in SHIB</h2> 
<p style="text-align: justify">A daily trading volume closing above this level could be a good sign for SHIB bulls. The next noteworthy barrier from a bullish perspective was $0.00001188. In December, Shiba Inu showed an increase of 29.7% before its most recent decline. This situation helped explain the increase in social volume. The weighted sentiment also reached an unprecedented high since mid-August with the rise in SHIB prices.</p> 
<p style="text-align: justify">However, other measurements emphasized the downward trend. For example, the average age of cryptocurrency showed a downward trend over the past month. This could indicate distribution across the network. It also signaled an increase in sale activities. The high MVRV ratio also increased concerns that SHIB holders would prefer to book profits, which would increase the selling pressure behind the meme token.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/shiba-inu-shib-price-analysis-december-surge-and-subsequent-dip/" data-wpel-link="internal">https://en.coin-turk.com/shiba-inu-shib-price-analysis-december-surge-and-subsequent-dip/</a>

Shiba Inu (SHIB) Price Analysis: December Surge and Subsequent Dip

Table of Contents

COINTURK NEWS

Other articles published on Dec 11, 2023

DOT Overtakes LINK and MATIC, but Technicals Warn of a Correction

Contrasting Surge in AVAX Coin Amid Cryptocurrency Market Fluctuations

Santiment Evaluated the Latest Fall! "FOMO Alert in Bitcoin and Altcoins!"

Solana’s 14% price fall, prediction, and how you can profit from the dip

Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say

Beyond Digital Assets: The Case for Diversifying Your Investment Portfolio

Join our free newsletter for daily crypto updates!