Shiba Inu price breaks fall amid ShibaFest hype
- Shiba Inu price has found support at $0.00000784.
- Meanwhile, the ShibaFest hit the ground rolling with the ShibArmy, excitingly marking the occasion.
- Although SHIB remains in the woods, invalidation of the current optimism will only occur if the price slips below $0.00000718.
Shiba Inu (SHIB) price has been on a downtrend since late August, recording lower lows as the bears took the driver’s seat. However, with the advent of the ShibaFest, tables could soon turn in favor of the bulls as the meme coin navigates the current inflection point.
ShibaFest bodes well for Shiba Inu price
Shiba Inu (SHIB) price has steadily declined since August 30, falling almost 7% to the current price. However, with resounding hype from the successful ShibaFest(festival for Shiba Inu fans) that happened between September 1 and 2, the dog-themed memecoin has found support at $0.00000784, and a correction may be underway of bullish momentum increases.
Hello #ShibArmy pretty cool day yesterday at the #Shibafest with @LADSAndrew. This is Tom Wall of the band @cosmic_knot. He explained how the Sequoia trees liked to play along, but were a bit moody at times. Here is a clip where Tom is playing his guitar and the Sequoia joins… pic.twitter.com/KLHLphVwHo
— SHIBLORD (@Eat62T) September 2, 2023
Shiba Inu price forecast
Shiba Inu price is at an inflection point after finding support. The momentum indicators are promising, though pending confirmation, and SHIB could soon ascend to confront the first resistance layer presented by the 50-day Exponential Moving Average (EMA) at $0.00000840 or higher, tagging the 100- or 200-day EMA at $0.00000853 and $0.00000914 levels respectively.
In a highly bullish case, the Shiba Inu price could extend a neck higher to the decimals and hit the $0.00001067 resistance level, equal highs that make this hurdle significant.
The Relative Strength Index (RSI) is flattening and attempting a curvature. Increased buying pressure could see this momentum indicator move north to signify more bulls coming in and, therefore, rising momentum. Confirmation for an uptrend would occur once the RSI breaches the 50 level to the upside.
SHIB/USDT 1-day chart
ShibaFest is a festival for the Shiba Inu fans. The celebration has reawakened dull SHIB addresses, with Santiment data showing a positive change in the volume of SHIB, active addresses, and social volume over the last 24 hours, as shown in the chart below.
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SHIB Santiment
Over the last 24 hours, the aforementioned metrics have changed direction towards the positive side.
On the flip side, with the strong bearish presence in the market currently, as indicated by the negative Awesome Oscillator, the Shiba Inu price could still move north, breaking below the $0.00000718 support level.
Such a move could see Shiba Inu price dip the demand zone at around $0.00000691, an area often populated by bulls. Aggressive buying from this level could see SHIB pull back, but if it fails to hold as a support level, the meme coin could break below it at $0.00000654 to collect sell-side liquidity from the June 10 overflows.
Cryptocurrency metrics FAQs
What is circulating supply?
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
What is market capitalization?
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
What is trading volume?
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
What is funding rate?
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
