Shiba Inu (SHIB), which seeks to surpass the $0.000008 price level, is gaining ground on the cryptocurrency market. This lofty goal may be achievable, according to market trends and data, and here’s why.
The price of SHIB is presently resting on a “pillow” of 40 trillion SHIB, according to Global In/Out of the Money (ITB), a data analysis tool that determines the typical price at which tokens were acquired by each address with a balance of tokens. By contrasting the present price with the average cost, this computation is performed. The address is “In the Money” if the current price is greater than the average cost; if it is lower, the address is “Out of the Money.”
Shiba Inu is now moving inside of an ascending triangle, a potent technical pattern that frequently denotes a price breakthrough. A important criterion for identifying the token’s medium-term momentum is the 50 EMA (Exponential Moving Average), which the price of SHIB is now circling. Although it is now standing still at about $0.0000078, it is having trouble breaking through this level.
The 40 trillion SHIB “pillow” provides a solid support level for the token, even though this may cast doubt on the meme coin’s capacity to rise over the desired $0.000008 threshold. Additionally, SHIB’s ascending triangle shape suggests that a volatility spike might be on the horizon, pushing the stock’s price above the 50 EMA.
But it’s unclear where this projected volatility will come from. Although many events, such as significant partnership announcements or significant market news, might serve as a catalyst for such a jump, it is unclear at this moment what that trigger might be given how unpredictable the cryptocurrency market is.
Shiba Inu’s path to the $0.000008 threshold is unknown, although market signs point to it as a feasible goal.
