Shiba Inu Coin has recently become a standout in the digital currency arena, showcasing an impressive upward movement. This meme cryptocurrency has been on an upward trajectory, successfully surpassing previous resistance levels. As of now, Shiba Inu Coin's value is at $0.00003296, reflecting a growth of 3% in just the past day.
Over the last month, Shiba Inu (SHIB) has experienced a remarkable growth of more than 226% in comparison to Bitcoin (BTC), even as BTC itself has been setting new records by climbing above $71,000. This surge is indicative of a larger trend affecting various meme-based digital currencies such as DOGE, PEPE, and WIF, hinting at increasing interest and impact of meme coins within the current cryptocurrency market.
The current bullish momentum in the cryptocurrency market has propelled Shiba Inu Coin into the top ten digital currencies, as per the latest market data. Its market value has climbed to an impressive $19.36 billion, marking a 2% increase. Furthermore, trading activity for SHIB has surged, with a 19% rise in the last 24 hours alone, reaching a total of $2.3 billion. This spike in trading volume reflects a growing enthusiasm among investors and traders alike.
This month, Shiba Inu Coin achieved its highest value of the year, breaking past the $0.000045 mark. Nevertheless, the price experienced a significant pullback, settling around $0.000032 after the peak. This price adjustment highlights the continuous struggle for supremacy between the forces of optimism and caution within the market.
Shiba Inu Coin finds itself at a pivotal juncture, testing the resistance level of $0.000035. Surpassing this barrier could potentially lead to significant upward movement, with targets set at $0.000040 and possibly even the ambitious $0.000045 threshold. On the flip side, failing to breach this level could reverse the positive trend, sending the coin down to the $0.00003 support zone.
Recent revelations from the Whale Alert have ignited widespread speculation within the cryptocurrency community. An unidentified wallet's acquisition of a massive 332 billion SHIB just as the coin approached a critical resistance at $0.000045 has caught the attention of investors and enthusiasts.
SHIB Price Chart: Tradingview
From a technical standpoint, the outlook for Shiba Inu Coin appears promising. The Relative Strength Index (RSI) is positioned in the overbought territory at 72, indicating a strong upward momentum. The bullish sentiment is further supported by the positioning of the 20 Exponential Moving Average (EMA) and the 50-EMA, which underscore the positive market sentiment surrounding Shiba Inu Coin. Furthermore, the Chaikin Money Flow index, standing at 0.30, suggests a healthy inflow of capital into the asset.
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