At the end of February, Shiba Inu (SHIB) made an impressive jump and the price rose by almost 400%. From data from the blockchain analysis platform IntoTheBlock it appears that short-term investors in particular have purchased significant amounts of tokens during that period. In the last 30 days, their holdings have expanded significantly, increasing by a whopping 64 trillion SHIB.
This significant influx of short-term capital initially led to a price increase to a local high of around $0.000044. However, this rapid rise was followed by a sharp drop of almost 50% in the price, mainly caused by selling pressure from short-term investors.
After this correction, SHIB seems to be recovering this week, with its price up 19% in the last seven days. This may indicate a positive trend for the currency in the near future.
Shiba Inu price can rise by 23%
Analysts have an optimistic view on the future of Shiba Inu (SHIB), mainly due to the positive signals from the Moving Average Convergence Divergence (MACD) indicator. Known for reliably predicting short-term price trends, this indicator is currently giving a bullish signal.
The current price of SHIB is at a crucial support level at $0.000030. It is expected that if SHIB can maintain this level, the price will rise soon. This expectation is supported not only by the MACD indicator but also by other technical analyzes including the Relative Strength Index (RSI) and the Commodity Channel Index (CCI), all of which point to a favorable short-term move.
Based on these analyses, analysts expect a rapid rise in SHIB’s price to $0.000037, which would represent a 23% increase from the current price.
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Source: https://newsbit.nl/shiba-inu-koers-kan-spoedig-met-23-stijgen-nederlanders-krijgen-gratis-20-euro/
