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- Shiba Inu (SHIB) rises by 1.97% in 24 hours, with a trading volume surge of 80.72%, reaching $7.29 billion.
- A breakout above the 50-day MA could drive SHIB’s price toward targets of $0.00001500, $0.00001750, and higher.
- Trading volume and open interest increase by 40.48% and 10.32%, signaling growing investor confidence in Shiba Inu.
Over the last 24 hours, Shiba Inu (SHIB) has risen by 1.97%, with its current price trading at $0.00001237. This is a significant improvement as the trading volume of the coin has shown an improvement of 80.72%, standing at a current level of $7.29 billion. SHIB has experienced steady growth over the past seven days with a 3.51% increase in value.
Source: CoinMarketCap
Jonathan Carter, a cryptocurrency analyst, highlighted that Shiba Inu is in the process of developing a descending channel formation on the daily chart. The coin is building up strength above the midline support, which is essential in stabilizing the price. SHIB is currently testing the 50-day moving average (MA 50), one of the most important technical indicators. A higher close beyond this level would allow the price to turn to greater targets such as $0.00001500, $0.00001750, and $0.00002050.
Source: X
Surge in Trading Activity
CoinGlass data shows that the trading activity increased tremendously. The volume of trading has gone up by 40.48%, up to $236.52 million. The open interest increased by 10.32%, and is now at the level of $176.36 million. These figures indicate that Shiba Inu is gaining popularity and trust as an increasing number of investors are investing in the coin.
Source: CoinGlass
The Relative Strength Index (RSI) value of SHIB is 56.20. This implies that the coin is in the neutral range, neither too bullish nor too bearish. A neutral RSI gives an indication that it is possible that there is future movement in the price based on other market influences. SHIB has created a lot of buzz and investors are observing its RSI to determine any possible momentum.
Shiba Inu Shows Momentum
Moving Average Convergence Divergence (MACD) also indicating a possible development. The MACD line is 0.000000016 and the signal line is -0.000000021. The minor discrepancy between the two lines might mean that a change in trend is approaching. A stronger divergence may indicate a greater likelihood of an increase in SHIB in the foreseeable future.
Source: TradingView
The current performance of Shiba Inu is gaining attention. The subsequent increase in price, volume traded and open interest indicates positive momentum. SHIB has the potential to reach new heights provided that it overcomes critical resistance levels. Investors are still optimistic and will continue to observe key technical indicators and market trends in seeking additional guidance.
