SHIBA INU's 0.31% Price Increase to $0.00000832: All Key Takeaways for August 24, 2023

SHIBA INU, the popular meme-inspired cryptocurrency, saw its price rise 0.31% over the past 24 hours to $0.00000832. With a market capitalization of $4.92 billion, SHIBA INU remains one of the largest cryptocurrency projects. This article will break down SHIBA INU's latest price action and uncover key insights for investors.

The 0.31% gain comes after an extended price decline for SHIBA INU in recent months. Over the past week alone, SHIBA INU dropped 8.96% against the backdrop of broad-based selling in the altcoin market. However, over the past month, SHIBA INU has shown relative strength, gaining 5.07% even as other major cryptocurrencies pulled back sharply.

Analyzing the data, SHIBA INU saw $155.11 million in trading volume over the past 24 hours. This points to steady interest in SHIBA INU from traders and investors even during periods of lackluster price action. After a small 0.24% drop in the last hour, SHIBA INU found renewed buying interest to close the day up 0.31% at $0.00000832.

From a technical perspective, SHIBA INU is testing key support levels around $0.000008 that could stabilize its price decline. This major support level dates back to mid-2021 and has halted several breakdown attempts. If support here can hold, SHIBA INU could consolidate and potentially bounce in the near-term.

However, SHIBA INU faces tough overhead resistance around $0.00001. This level aligns with the 50-day moving average and a horizontal resistance level that has capped several rallies in 2022. Breaking above this zone would mark a meaningful technical breakout for SHIBA INU.

Will SHIBA INU Bounce Back in the Near-Term?

Given extremely oversold conditions and major support holding so far, SHIBA INU looks poised for a relief rally in the near-term. However, significant macro uncertainties persist that could limit additional upside.

For SHIBA INU to see a sustained trend reversal, trading volumes and buying pressure need to make a forceful comeback. Interest and hype around the memecoin have cooled considerably from the frenzied 2021 peak. Without renewed enthusiasm injecting volatility, large price swings to the upside appear somewhat unlikely.

In the short-term, the technical setup looks constructive for a oversold bounce after capitulating to major support. But for a lasting trend change, SHIBA INU needs to reclaim its bullish character seen in early 2021. Until then, substantial volatility in both directions remains on the table.

Is Now the Time to Buy the Dip on SHIBA INU?

Given the conflicting signals, is now an opportune time to buy the dip on SHIBA INU? Dollar cost averaging can help smooth out the price fluctuations.

Long-term SHIBA INU believers may look to gradually accumulate positions around $0.000008, anticipating continued volatility ahead. Traders focused on momentum may wait for a break above resistance before taking on larger stakes.

As with any cryptocurrency investment, proper portfolio construction is key. While SHIBA INU has potential for explosive gains, it also carries significant risk. Setting prudent position sizing and investment timelines can help balance risk-reward. SHIBA INU appears ripe for a relief rally, but expectations should be muted until clear bullish momentum returns.

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