Shiba Inu (SHIB) Price Set to Break 5-Month Downtrend With 40% Price Boost
beincrypto.com 23 August 2024 14:31, UTC Shiba Inu’s (SHIB) price is close to making a move that could free the meme coin from its five-month-old curse.
The inventors also support this outcome and are doing their best to make it happen.
Shiba Inu Could Break Free
A rise in Shiba Inu’s price has been due for a long time, and investors are now pushing the meme coin upward. SHIB is currently receiving consistent support from its investors, as indicated by its stable positive funding rate. This steady backing is crucial for maintaining upward momentum and could signal growing confidence among the Shiba Inu community.
The positive funding rate reflects that more traders are willing to pay a premium to maintain their long positions, a strong indicator of bullish sentiment. This shift in investor behavior marks a significant change from previous periods of uncertainty and volatility.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Additionally, the Chaikin Money Flow (CMF) indicator reveals that inflows into Shiba Inu have been strong over the past month and a half. Consistent inflows suggest that capital is steadily moving into the asset, further supporting its recovery and potential for future growth.
Together, the stable positive funding rate and strong inflows highlight a healthier market environment for Shiba Inu. These factors are essential for sustaining the meme coin’s recovery and could pave the way for further price appreciation if the trend continues.
SHIB Price Prediction: Flipping Barriers
Shiba Inu’s price is trading at $0.00001439, aiming to flip the resistance of $0.00001473 into support. Doing so would trigger a rise in the meme coin. This would help SHIB break free from the five-month-old downtrend and initiate a recovery.
A potential jump upward would enable a rise to $0.00001961. Once tested or breached, this critical resistance level would confirm SHIB’s recovery and mark a 40% rise.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
On the other hand, if the breach of $0.00001473 fails, the consolidation will continue, leaving Shiba Inu’s price stranded under the barrier. This would prolong the wait for recovery, invalidating the bullish thesis.
