Investors were surprised by one of the most popular meme tokens in the market when it posted a significant 8% gain and returned to a price we hadn’t seen in nearly two weeks. Shiba Inu dropped to nearby trendline support before the massive reversal.
The four-hour chart indicates that SHIB’s price move may not have been unexpected. The Bollinger Bands (BB) have shown some stability around their August 30 volatility. SHIB nevertheless managed to break as far as $0.00001304 but encountered a crucial resistance level while trying to test $0.00001341.
As a result, on September 7, the price fell to $0.00001175. The BB indicated that volatility is currently at its highest over the previous seven days. Therefore, keeping an eye out for a sudden reversal of the recent ascending triangle should not be out of place.
According CoinMarketCap, SHIB volume increased by 167%. 11% in the last 24 hours. However, at 68.22, the RSI was very close to an overbought zone. So, it might be better to release the “buy pedal”.
As for the Moving Average Convergence Divergence (MACD), the short-term SHIB momentum may continue to be bullish. The 5% increase in SHIB can climb further with the buyer versus seller position. But if the optimistic indications were to come true, it would also be important to take Bitcoin [BTCmovement ]is in account.
The SHIBA INU ecosystem is growing
In addition to SHIB’s outstanding performance, the burn rate indicates that more transactions are taking place within its ecosystem. Shib burn reports that the amount of SHIB tokens burned since the day before has increased by 279.98%. Total SHIB consumed since start is now 410,380,159,432,847.
Another update of its Metaverse journey has also taken place. SHIB stunned his community by showcasing his We’re All Gonna Make It (WAGMI) temple artwork after previously exhibiting his roadmap.
Many people hope that the Shiba Inu metaverse will see real growth. Using the actual utility of the native token, it initiates the removal of the meme tag. The illustration of the WAGMI temple has given new life to the metaverse dream.