- Shiba Inu is on the verge of the golden cross.
- Shiba Inu burned more than 700 Million SHIB ahead of the Shibarium launch.
- SHIB price is trading at $0.00001031 with a gain of 1.28% during the intraday session.
Shiba Inu seems confident about a significant technical move, suggested by the recent EMA data, where the 50-day EMA is about to cross the 200-day EMA. With a robust hike of 28% in the price over the last eight days, the SHIB price indicates a promising Golden Cross. By contrast, cryptocurrencies in general have been reflecting a prolonged bullish trend in the market.
716.4 Million SHIB Burned Ahead of Shibarium Launch
The rise in Shiba Inu prices can be attributed to multiple factors, with one of the prominent ones being a significant increase in trading volume. This surge in volume was triggered by the destruction of 716.4 million SHIB tokens. Which were transferred to a cold wallet within a span of 24 hours. A noteworthy event within this transfer was the burning of 300 million SHIB tokens in a single transaction. This event caused a substantial shift in the market dynamics, contributing to the upward momentum of Shiba Inu prices.
The Shibburn event was witnessed ahead of the launch of Shibarium, which was announced by Shytoshi Kusama in Toronto during the Blockchain futuristic conference. These factors increased SHIB price’s liquidity from the annual low of $0.00000542 to the recent resistance level of $0.00001135.
These factors outlined above have provided SHIB with the much-needed momentum and have contributed to a surge of 28% in the price. The recent fluctuations in price action have led to a positive shift in the year-to-date performance table. With returns for each month showing an optimistic trend.. The year-to-date and three-month returns are 26.98% and 16.99%, respectively.
Will SHIB Price Retest 0.00001188 Level?
Recently, SHIB price has been trading at $0.00001031 while witnessing a gain of 1.28% during the intraday session. The bullish sentiment indicates that the price might retest the 16 April 2023 resistance level of $0.00001188.
On the contrary, If the bears will challenge the bullish dominance, then the possibility of a downward trend rises, and the price might melt down toward the $0.00000890 level.
RSI trades at 65.62 points during the intraday session. The RSI indicates strength and heavy dominance of bullish momentum in the market.
The chaikin money flow score is 0.00, denoting that the SHIB price is neither bullish nor bearish in the market during the intraday session.
The long and short ratio is 0.9822, with longs 49.55% and shorts 50.45% in the last 24 hours. Considering this, the market’s momentum is bending slightly downwards in the last 24 hours.
Conclusion
The new development in the Shiba Inu price has been reflecting a bullish trend. The lead developer Shytoshi Kusama has promised to prove the superiority of SHIB over Elon Musk’s X app once Shibarium launches.
