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Crypto currency markets’ popular meme token Shiba Inu (SHIB) is starting to see better days as aggressive selling in the ecosystem begins to subside. According to data from 21milyon.com, Shiba Inu is trading at $0.000009605, showing a balanced growth rate where the actions of market bulls now match those of the bears.
SHIB’s Exit from the Decline Zone
Shiba Inu’s trading volume is also exiting the decline zone, with a 1.3% increase over 24 hours to a level of $108,181,442. According to on-chain analysis of Shiba Inu, if bulls exert a bit more pressure beyond the current whale movements, the token could easily shift towards the uptrend zone.
The token’s Relative Strength Index (RSI) on the daily chart is at 46, indicating it is in the neutral zone and could be easily swayed by an extra buying frenzy to change its course. The Moving Average Convergence Divergence (MACD) indicator is also flashing signs that the MACD line wants to cross above the signal line. This move could indicate a significant driving force towards new high levels.
SHIB’s Network Status
Investors are doing their best to return and break through the resistance wall at the $0.00001 level since Shiba Inu has recently stopped losing value. This struggle is marked by a general inconsistency in the market, which sees Bitcoin‘s price consolidating between the $42,000 and $43,500 price marks.
Shiba Inu’s attempt is masked by a decrease in trading volume, a slowdown in burn rate, and the daily transaction count of Shibarium. These are usually indicators of Shiba Inu’s network health and could signal impressive bullish changes as part of the ongoing revival pressure. Overall, Shiba Inu bulls may be ready for the next major initiative and could be waiting for a small trigger to reach this goal.
