- Despite the sluggishness of many altcoins, Shiba Inu managed a remarkable 19% price surge in a week.
- The coin’s rise in social volume points to growing interest and potential market sentiment shifts.
- Amidst struggling mid and small-cap coins, traders are redirecting their attention toward Shiba Inu’s promising performance.
Amidst a fluctuating cryptocurrency market, today sees a modest increase in prices for altcoins. However, most mid and small-cap coins continue to grapple with challenges in gaining momentum on the weekly timeline. Shiba Inu stands out as a beacon of hope among the prevailing uncertainty. The meme coin has secured a notable 19% surge in value and a notable rise in social volume.
? Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023
Despite the broader struggles, Shiba Inu’s impressive performance attracts traders’ attention, potentially indicating a shift in sentiment. While the market remains unpredictable, the coin’s upward trajectory offers a glimmer of positivity. As Shiba Inu defies the trend with a substantial 19% surge and heightened social media engagement, all eyes are on whether this momentum can be sustained in the coming days.
Shiba Inu Price/Technical Analysis: SHIB Surges Above $0.0000100 as Bullish Momentum Grows
Today’s Shiba Inu price analysis reveals an upbeat outlook for the coin as it surpasses the $0.0000100 mark with strong buying pressure and an uptrend. SHIB’s market has been bullish for the past week, with buyers pushing the price to new highs and testing the $0.0000100 hurdle several times. As of press time, the price sits just above the crucial mark at $0.0000101, recording a gain of over 3% in the past 24 hours.
Despite the positive price action, trading volume remains low relative to the previous day’s close. Although this could indicate traders taking profits or the lack of liquidity in the SHIB market, it also may suggest that the price is approaching a critical resistance level. Nevertheless, with a bullish outlook and growing buying pressure, Shiba Inu’s price may continue to gain in the coming days.
The support level at $0.000009698 remains intact, along with the 20-day exponential moving average (EMA) currently at $0.00000889. These levels should be watched closely if traders are looking to open a long position in the near future. Currently, Shiba Inu looks set to maintain its bullish outlook and could continue trading within the uptrend channel.
Shiba Inu’s market cap is currently at $5.9 billion and has become the 14th largest coin in market capitalization. However, the trading volume is $309.78 million, slightly lower than the previous day’s close. The circulating supply of SHIB remains at 432,099,746,538 coins.
The daily Shiba Inu price analysis chart shows an ascending triangle, indicating a potential rally above the $0.0000100 resistance level. If this happens, Shiba Inu’s price could continue to rise and reach new highs in the near future. The green candlesticks indicate strong buying pressure, and the bulls control the market.
The Relative Strength Index has slightly climbed into overbought territory, currently at 68.05. The MACD line also surges above the signal line, suggesting that the bullish momentum could remain strong for some time. The histogram is also in the green zone, indicating an uptrend for SHIB. The 20-day and 50-day EMA’s are trading below the current price, confirming the bullish movement of the coin.
Overall, Shiba Inu’s market outlook looks promising, and traders should keep a close eye on the price action for potential buying opportunities if it continues to breach new highs. With growing investor interest, SHIB will likely have an eventful summer ahead.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.