Shiba Inu (SHIB) Poised for Breakout Despite Current Losses

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tl;dr

The cryptocurrency Shiba Inu (SHIB) could be on the verge of a breakout, according to AMBCrypto. Despite current losses for some investors, SHIB may be ready to ignite the turbo. A rise in the SHIB price to $0.000012 could be possible if capital inflows increase. The Network Realized Profit/Loss, an indicator of capital flows and network profitability, suggests high capital outflows, which could trigger a recovery.

SHIB on the way to the moon?

The phrase “to the moon” is used in the crypto world to describe a massive price increase of a cryptocurrency. According to AMBCrypto, this could very well be possible with SHIB. The Network Realized Profit/Loss, an indicator that tracks capital inflows and outflows as well as trends in network profitability, has dropped to -83.49 million. This suggests high capital outflows and could trigger a recovery. Therefore, SHIB could swing higher than $0.00001.

SHIB’s recovery and further catalysts

SHIB’s recovery to $0.00001 has only recently occurred. Another indicator that was analyzed was the Shiba Inu Burn – a process in which some tokens are removed from circulation to stabilize the value and potentially increase the price. The number of SHIB burned in the last 24 hours has increased by 298.21%. This, combined with the previously mentioned indicator, could offer SHIB a higher breakout possibility.

Technical Analysis of SHIB

In the technical consideration of SHIB, it was found that the Supertrend gives a buy signal. However, the Money Flow Index (MFI), which indicates the capital inflow of Shiba Inu, has decreased. This suggests that some investors are realizing their recent gains and some who have been around longer may be counting their losses.

Our Assessment

If the bulls prevent SHIB from crashing, the MFI could rise. Should the MFI rise, the price of SHIB could rise to $0.000012. This would represent an increase of 17.5% over the current price. Given the current market sentiments, this does not seem impossible.

Sources: Victor Olanrewaju, Ann Maria Shibu, Santiment, TradingView

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Casinos: 9
Profile Shiba Inu
Symbol SHIB
Coin type Meme Coin
Transaction Speed High
Pros
  • High security thanks to ERC-20 token standard on ETH protocol
  • Well suited for an easy entry into the crypto world
Cons
  • Not yet widespread
  • Price fluctuations
Price 0,00 €
Percent Change 24h 0,12 %
Percent Change 7d -10,52 %
Percent Change 30d -16,55 %
Percent Change 60d -3,69 %
Percent Change 1y 213,00 %
Market Cap 11.489.925.028,00 €
Official Links
Socials Reddit | X
Best 3 Shiba Inu casinos

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Last update: 11. June 2024

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