Shiba Inu Price Surges 6% as it Reaches Monthly Highs

Amid positive sentiment in the entire crypto market, Shiba Inu (SHIB) price shot up by around 6% on a daily chart following upward momentum in the memecoin sector. 

On April 16, the Shiba Inu (SHIB) price jumped by around 6.92% in the last 24 hours, soaring its value from 0.000005935 to 0.000006338, according to CoinMarketCap. The cryptocurrency currently holds a market capitalization of around $3.75 billion with a daily trading volume of around $175.41 million. 

Shiba Inu Breaks Out of One-Month Consolidation Range

Based on the current structure and technical indicators on TradingView, the outlook for the cryptocurrency is bullish as long as the price trades above $0.00000600 and $0.00000594. One potential trade setup is to wait for a pullback to the $0.00000603 to $0.00000600. 

Today’s 7% gain is a major recovery with on-chain accumulation along with the major developments in the ecosystem. The next major resistance level is at $0.0000065. At this level, the sustained volume could spark a breakout in the SHIB’s price. 

On the other hand, if Shiba Inu faces a correction and falls below $0.0000060. It is likely that memecoin would find support from the moving average. 

The current price movement in SHIB comes from bullish sentiment in the crypto market after Bitcoin (BTC) soared above $75,000 on Thursday. 

With the current spike in the chart, Shiba Inu has broken a monthly consolidating pattern where the token holds just above the 50-day exponential moving average around $0.0000060. The current structure is showing that the price is respecting a recent trading range between $0.0000059 and $0.0000063 while testing higher levels after a period of sideways movement. 

The current price chart is suggesting a clear daily close above $0.0000065 could confirm a breakout from this range and open the door for further upside in the short term.

Technical indicators are confirming the current bullish momentum in the SHIB. The Relative Strength Index on the 14-day period is sitting at around 65, which shows a good buying interest while staying below the overbought territory of 70. 

On the other hand, moving averages are showing that the price is trading above major daily lines to create a supportive structure for the currency recovery. The moving average convergence divergence indicator has its lines coiling in a way that suggests building momentum. However, the confirmation from higher volume will give a final confirmation about the rally in the memecoin. 

According to on-chain data, exchange outflows have reached around 82.5 billion tokens in the past day. This shows that large holders are continuously moving their assets into private wallets for longer-term storage. Apart from this, there has been a steady whale accumulation since the beginning of April, with large holders adding over 2 trillion SHIB tokens. 

Along with the price, the daily trading volume of Shiba Inu also soared by around 60%. This shows heavy activity in the ecosystem that is increasing its price. 

Shibarium has recorded around a 33% jump in daily transactions after recent infrastructure upgrades that improve network efficiency and block processing times. According to DeFiLIama, the layer 2 chain has now $597,489 in total value locked after a 37% jump in just the last 24 hours. The team has recently upgraded privacy features through planned full homomorphic encryption and started layer 3 testing to boost transaction speed. 

A similar surge was also witnessed in the biggest memecoin, Dogecoin, thanks to the current bullish momentum in the overall crypto market. 

Also Read: XRP Price Hits $1.40 Amid Solana Mention and ETF Inflows