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Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
In the past 24 hours, a staggering 1.9 trillion Shiba Inu (SHIB) coins have been traded. This incredible surge has left many wondering what is driving this phenomenon and whether it will continue.
As a seasoned cryptocurrency analyst, I can tell you that there are several factors at play here. The RSI has returned to the midway, indicating a balance of supply and demand in the market. This could be seen as an opportunity for buyers to gain traction once again.
However, it’s essential to note that SHIB is currently range-bound between its 50-day SMA of $0.0000244 and the overhead resistance of $0.00003344. Buyers will have an upper hand if they can push the price above this barrier.
It’s also crucial to consider the macroeconomic implications of any potential rate cut by the United States Federal Reserve on December 18th. A decrease in interest rates could boost investor confidence, potentially driving up prices.
On the flip side, if SHIB continues to decline, support is envisioned near the daily SMA 50 at $0.0000244. This could be a critical level for bulls to hold and maintain momentum.
In conclusion, while it’s challenging to predict with certainty what will occur next in this market, we must remain vigilant and adapt to any changes that may arise.
Source: u.today
