According to data from CoinMarketCap, Shiba Inu (SHIB), the popular meme-themed cryptocurrency, surged by an impressive 55% within the past 24 hours. As of the latest update, SHIB was trading at $0.00002001, accompanied by a significant surge in trading volume, exceeding $4 billion.
This notable price hike, coupled with the surge in trading volume, suggests a substantial uptick in demand for the token. Notably, similar meme coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) have previously experienced substantial price jumps within this category, reflecting the enduring popularity and speculative appeal of such meme-based digital assets.
Is the Local Top Close?
According to insights from the on-chain analysis tool ‘Santiment’, there has been a significant influx of capital into the Shiba Inu ecosystem. Additionally, Santiment noted that social discussions surrounding SHIB, along with other meme coins, have been particularly intense.
A high level of social dominance indicates a notable increase in conversations related to a specific asset, signaling a growing interest in that cryptocurrency. However, excessively high dominance could potentially indicate a nearing local peak in price, suggesting a cautionary note for investors.
In the case of SHIB, the possibility of reaching a local peak remained uncertain for some time. Despite a period of price stagnation, SHIB experienced a breakout from its consolidation phase on February 26th. Although encountering minor resistance around $0.00001345, bullish momentum prevailed, leading to the successful breach of this resistance level. Subsequently, every 4-hour candlestick reflected bullish sentiment. Analysis of the Moving Average Convergence Divergence (MACD) indicator indicated that buyers were firmly in control of the cryptocurrency’s momentum.
SHIB Does Not Want to Slow Down
As of the latest update, the 12-day Exponential Moving Average (EMA) represented by the blue line has crossed above the 26-day EMA depicted in orange for Shiba Inu (SHIB), indicating a sustained upward trend in its price trajectory. With continued buying pressure, there’s potential for SHIB’s price to surpass $0.00002200 in the short term.
Moreover, the analysis of Bollinger Bands (BB) confirms a notable improvement in the token’s volatility, which was previously at low levels. This heightened volatility suggests the possibility of significant price fluctuations.
However, the BB indicator revealed more than just volatility insights. At the time of this report, the upper band of the BB had reached SHIB at approximately $0.0000188, signaling that the cryptocurrency was experiencing overbought conditions. Despite being in an overbought state, SHIB’s price continued its ascent.
Nevertheless, SHIB remains vulnerable to retracement. In a highly bearish scenario, the price could retreat to $0.000015. However, such a retracement does not discount the potential for further price appreciation, with the possibility of SHIB climbing towards $0.000030.
Meanwhile, in the cryptocurrency landscape, other meme coins such as Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) have also witnessed significant price increases within the past 24 hours. For instance, Dogecoin surged by 16.02%, BONK rose by 6.50%, and PEPE climbed by 49.87% within the same timeframe.
