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Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
In a stunning turn of events, Shiba Inu (SHIB) has seen an incredible influx of interest over the past 24 hours, with a whopping 1.9 trillion coins being traded in that timeframe. This surge in activity has left many wondering what is driving this unprecedented volume and whether it’s sustainable or just a temporary anomaly.
In an exclusive interview, Tomiwabold Olajide, a renowned cryptocurrency analyst, weighed in on the situation. According to him, the RSI (Relative Strength Index) has returned to its midway point, indicating a balance between supply and demand forces. This development may lead to SHIB remaining rangebound within the confines of the 50-day SMA ($0.0000244) and the overhead resistance at $0.00003344.
Olajide emphasizes that buyers will hold an advantage if they can successfully push the price above this critical level of $0.00003344, potentially leading to a short-term rise to $0.000039 followed by a more substantial move to $0.000046.
However, should the SHIB price fail to maintain its upward momentum and instead falls below the 50-day SMA, the advantage will shift in favor of the bears. The analyst does acknowledge that the potential for increased confidence among investors might arise if the United States Federal Reserve decides to reduce interest rates at its upcoming meeting on December 18.
In light of this uncertainty, it’s essential to monitor market developments and adjust trading strategies accordingly.
As always, we encourage our readers to consult with their financial advisors before making any investment decisions.
Source: u.today
