With the overall crypto market heading towards a dismal Christmas 2021, Shiba Inu SHIB] too followed the broader market momentum as it retraced back by 8% overnight after gaining 12% from the flash drop on 11th December, this year. Despite attracting a lot of traction due to increased network activity, the popular meme coin’s sideways price action continued to persist. The canine token has slipped by more than 57% from its record high on 27th September, this year.
At press time, the asset is changing hands at $0.00003439 with a 24-hour trading volume of $1.59 billion. Its market cap was found to be at $18.19 billion. Shiba Inu posted minor gains of 1.97% in the last 24 hours and was up by 2.56% in the course of 7 days. Further in the technical aspect, the price outlook depicted a mild hope of an uptrend potential. Let’s delve deeper into the technical indicators.
Shiba Inu [SHIB] Hourly Forecast
In the above four-hour chart, the Bollinger bands [BB] are not depicting any volatility which implies a lesser possibility of major breakouts or further price sinkage in the near term of the asset market. The MACD on the other hand appears to be heading towards a possible bullish crossover fuelling hopes for an uptrend potential in the coin’s price movement. Further, the Klinger Oscillator [KO] has undergone a crossover on the upside amidst a mild recovery.
That being said, the meme coin continued to garner appreciation which is reflective of the increasing flow of endorsements and partnerships despite the altcoin’s current price lull. As a matter of fact, Australia’s biggest video game developer, PlaySide Studios forged a partnership with Shiba Inu Games to roll out a game dedicated to the “Shiboshi” NFT collection that is scheduled to be released in the 1st quarter of 2023. Another notable development was Travala’s announcement of adding SHIB into its payment system last week.