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Shiba Inu

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<ul class="wp-block-list"> 
 <li>Shiba Inu nearing golden cross, historically linked to potential rallies.</li> 
 <li>Trading volume declines and reduced whale activity signal caution in demand.</li> 
</ul> 
Shiba Inu (SHIB), the second-largest meme-inspired cryptocurrency, is currently trading at $0.00001822, reflecting a 2.6% decline over the past 24 hours. However, despite this short-term dip, SHIB has experienced a remarkable 25% increase over the past month, showcasing its <a href="https://thenewscrypto.com/shiba-inu-analyst-predicts-shib-to-reach-0-00003-level-heres-when/" target="_blank" rel="noreferrer noopener">potential</a> for volatility and growth. 
Recent analysis indicates that SHIB is nearing its first golden cross since December 2023, with the 50-day and 200-day moving averages converging on the daily chart. This technical indicator has historically preceded significant price movements. For instance, following a similar convergence in early 2023, SHIB saw an impressive 48% surge in the subsequent two weeks. 
In the following weeks, the <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noreferrer noopener nofollow">price</a> rebounded, climbing nearly 20%. The formation of this golden cross, while not a guaranteed harbinger of price increases, has often signaled bullish trends for SHIB. 
Meanwhile, current trading dynamics show a reduction in whale activity, which may indicate decreased demand. Although SHIB has maintained a bullish outlook, its trading volume has dipped by 6.15%, hinting at potential challenges ahead. The psychological resistance <a href="https://thenewscrypto.com/shiba-inu-shib-price-prediction/" target="_blank" rel="noreferrer noopener">level</a> at $0.00002 remains a significant barrier for bulls, having held firm since June. 
<h3 class="wp-block-heading" id="h-shib-bulls-can-give-a-comeback">SHIB Bulls Can Give a Comeback?</h3> 
Market indicators such as the Relative Strength Index (<a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noreferrer noopener nofollow">RSI</a>) suggest bullish sentiment, while the On-Balance Volume (OBV) presents a less optimistic view, reflecting stagnant demand in October. Investors are closely monitoring the 90-day Shiba Inu Market Value to Realised Value (MVRV) ratio, which, although trending upward, raises concerns over profit-taking. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcw343d0fPOD_Z1350fyP_gtpbNOfQZFOpxArBAJohEOAqqYoF_iwvYMX7dCphvqnRfq4NJWdpgi2KT4WLsDHyUO6plZxEQolIwQSwoXY5m4zlQqqmurISHrRDnS_E7XPwcJjs_pt5cfb0Kz8JAiiyKjOE?key=-fBZiHGHiGzVS73c7sjEAQ" alt="">
 <figcaption class="wp-element-caption">
 SHIB Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div> 
The upcoming weeks could be crucial for SHIB as it navigates through these volatile conditions. Analysts suggest that the $0.0197-$0.0202 range could be pivotal, potentially leading to a short squeeze if breakout momentum can be sustained. Ultimately, while the outlook remains cautiously optimistic, the market’s inherent volatility calls for careful observation as SHIB approaches this critical juncture. 
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Can Shiba Inu Bulls Ignite a Rally Soon?

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