The Shiba Inu continues to defy the overall sluggish cryptocurrency environment to post impressive gains as the week begins. The dog-themed meme featured a 3.5% increase to $0.00002536 during US business hours. This comes in addition to a 5.5% increase in seven days supported by a rise in trading volume to $575 million based on… CoinMarkeCap Data. He should SHIB price analysis If the price continues above $0.000025, the next breakout could boost it beyond $0.00003.
What’s next for the Shiba Inu as the fear and greed index rises in the cryptocurrency space?
according to substitute, a platform that tracks market sentiment, the Cryptocurrency Fear and Greed Index is constantly rising. From the agreed level of 67 last month, the index has now reached 74, indicating euphoria.
It is known that the cryptocurrency market is very emotional. This means that investors become greedy as prices rise, indicating fear of missing out (FOMO). It has also been noted that “people sell their coins as an irrational reaction to seeing red numbers.”
There are two extremes of market behavior, with extreme fear indicating that investors are feeling anxious. For the motivated investor, this is often a good time to buy.
On the other hand, greed indicates the exhaustion of the upside. The market is waiting for a correction. like Shiba Inu Rising towards $0.00003, investors should be careful – a pullback could be on the way.
SHIB price analysis: signals from the technical structure
The Shiba Inu sits at the top of the three bull market indicators, starting with the 200-day, 50-day, and 20-day EMAs (the purple, red, and blue lines covering the chart).
The Moving Average Convergence Divergence (MACD) indicator rebounded into positive territory, strengthening the bullish structure. If the blue MACD line continues above the red signal line, the path of least resistance remains bullish.
A breakout of the immediate resistance at $0.000026 could encourage more people to buy SHIB, hence the case of FOMO in the Fear and Greed Cryptocurrency Index. This will likely boost the price above $0.00003 and make the next target at $0.000035 within reach.
However, traders cannot ignore the risk of a pullback from the current price level. In such a case, selling your Shiba Inu may be a good idea. The same people can apply time-tested dollar cost averaging (DCA) strategies to buy low and increase their holdings Meme coin.
EMAs are in a position to provide support. Other key levels to watch out for are buyers congestion at $0.000022 and $0.00002 respectively. After collecting cash, the Shiba Inu will be ready for a stronger breakout.
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