SHIB’s Shiba Inu Army: Can They Keep the Momentum Going?

• The Shiba Inu post inspired by Vitalik Buterin gained traction, reflecting strong bullish sentiment among SHIB holders.
• SHIB’s price trends show mixed signals, with technical indicators suggesting short-term bullish momentum amid overall bearish conditions.
• Changellyblog’s forecast for SHIB suggests growth potential but warns of significant volatility through December 2024.

The Shiba Inu ( SHIB ) community rallied recently after a social media post from the official Shiba Inu account on X. The post mirrored one by Ethereum cofounder Vitalik Buterin, featuring a bull image with the text “Shiba is good.” Buterin’s similar “Ethereum is good” tweet had briefly boosted ETH’s price.

The Shiba Inu post quickly gained traction among the SHIB Army, reflecting the community’s bullish sentiment. The bull image and positive message aimed to boost confidence in the token’s potential. It also highlighted social media’s influence on crypto markets, especially with prominent figures like Buterin involved.

Currently, Shiba Inu’s price stands at $0.000014 with a 24-hour trading volume of $195,844,790. Despite a minor 0.06% increase over the last 24 hours, the token’s overall market trend shows a gradual decline. The market cap is $8,236,241,959, with a circulating supply of 589,270,140,401,557 SHIB coins.

Technical indicators present mixed messages. The RSI at 45.49 suggests neutral to slightly bearish sentiment. The MACD hints at potential short-term bullish momentum, but the overall trend remains bearish.

SHIB data in the derivatives market reveals a generally bullish sentiment across major exchanges. While trading volume dipped 15.79% to $44.8 million, open interest rose slightly to $28.34 million. The overall long/short ratio of 1.0268 indicates cautious optimism among traders, but crowded long positions raise the risk of a long squeeze.

Changellyblog forecasts SHIB’s December 2024 price range between $0.0000159 and $0.0000181, with an average of $0.0000170. This suggests potential growth, but volatility remains a key factor.

Maintaining momentum remains a challenge for the SHIB Army during these mixed signals. While social media support and bullish sentiment offer hope, traders should remain cautious of the underlying risks and market conditions.