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Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
As the cryptocurrency market continues to experience significant fluctuations, Shiba Inu (SHIB) has been making waves with a remarkable surge of $1.9 trillion in just 24 hours. This unprecedented growth has left many investors wondering what’s behind this sudden upswing.
According to Tomiwabold Olajide, a renowned cryptocurrency analyst and technical expert, the recent price action suggests that SHIB is still consolidating within its range-bound pattern. In his latest analysis, Tomiwabold emphasized that Shiba Inu may remain in this neutral zone between $0.0000244 and $0.00003344.
The RSI has returned to the midway, indicating a balance of supply and demand. As such, it is crucial for investors to be cautious and not make any impulsive decisions based on short-term market fluctuations.
In his analysis, Tomiwabold noted that if Shiba Inu manages to break above the overhead resistance at $0.00003344, buyers would gain an upper hand, allowing for a potential rise to $0.000039 and eventually to $0.000046.
However, the opposite scenario might take place if SHIB falls below the 50-day SMA of $0.0000244, shifting the advantage in favor of bears.
Source: u.today
