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Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
In a recent development, the Shiba Inu (SHIB) community witnessed an astonishing surge in trading volume, with a staggering 1.9 trillion tokens exchanged within 24 hours. This unprecedented event has sparked widespread interest and debate among crypto enthusiasts and market analysts alike.
According to Tomiwabold Olajide’s analysis, this sudden influx of buying pressure could be attributed to the RSI returning to its midway point, indicating a balance between supply and demand forces. As such, it is highly unlikely that SHIB will continue on an upward trajectory indefinitely.
In his latest article, Olajide noted that Shiba Inu may potentially remain range-bound within the 50-day Simple Moving Average (SMA) of $0.0000244 and the overhead resistance of $0.00003344. However, if buyers can successfully push the price above this critical level, it is possible for SHIB to rise further to $0.000039 and then potentially touch $0.000046.
On the flip side, a decline below the 50-day SMA would likely favor bears and could lead to support near that level at $0.0000244.
Interestingly, Olajide points out that any potential upward momentum may be bolstered by the upcoming December 18 meeting of the United States Federal Reserve. A reduction in interest rates could boost investor confidence and reinvigorate the market’s appetite for riskier assets like SHIB.
Consequently, traders are advised to carefully monitor these developments as they unfold and adjust their positions accordingly.
U.Today recommends keeping a close eye on Shiba Inu’s performance, particularly in light of this extraordinary trading volume.
Source: u.today
