Investors were taken aback by one of the most popular meme tokens in the market when it had a significant 8% gain and returned to a price we have not seen in nearly two weeks. Shiba Inu sank to the nearby trendline support before the massive reversal.
The four-hour chart indicates that the price movement of SHIB cannot be unpredictable. The Bollinger Bands (BB) showed some stability around their volatility as of August 30. SHIB still managed to break above $0.00001304, but ran into an important resistance level while attempting to test $0.00001341.
As a result, on September 7th, the price dropped to $0.00001175. The BB indicated that volatility was currently at its greatest point in the previous seven days. Therefore, keeping an eye out for a sudden turnabout from the recent ascending triangle should not be out of place.
According to CoinMarketCap, SHIB volume increased by 167 percent. 11% during the last 24 hours. However, at 68.22, the RSI was very close to an overbought zone. Therefore, it may be best to rest on a “pedal buy”.
Regarding the Moving Average Convergence Divergence (MACD), the short-term SHIB momentum may continue to be bullish. SHIB’s 5% increase can climb more with the buyer over the seller position. But if the optimistic indications were to come true, it would also be important to take Bitcoin [BTCmovement ]’s into account.
Shiba Inu ecosystem grows
In addition to the stellar performance of SHIB, the burn rate indicates that more transactions are taking place within its ecosystem. Shib Burn reports that the amount of SHIB tokens burned has increased by 279.98% since the previous day. The total SHIB consumption since inception is 410,380,159,432,847.
Another update to its Metaverse voyage has also occurred. SHIB stunned its community by presenting the artwork for its We’re All Gonna Make It (WAGMI) temple after previously exposing its roadmap.
Many people are hopeful that the Shiba Inu’s metaverse will experience real evolution. Using the real utility of the local token, it initiates the removal of the meme tag. The depiction of the WAGMI Temple gave new life to the Metaverse dream.
