- SHIB trades around the $0.0000087 range.
- Shiba Inu’s trading volume exploded by over 142%.
As of January 5th, the crypto market opened the day with a 1.06% spike, with the value sitting at $3.15 trillion. All major assets are currently charted in green, expecting to build on these recent gains. Meanwhile, the meme coin market cap stands at $52 billion, after a 6.30% jump. Among the pack, the dog-themed Shiba Inu (SHIB) has posted a modest gain of over 3.71%.
In the early hours, the meme coin traded at a low range of $0.000008394. Gradually, the bullish shift happened and pushed the Shiba Inu to a high of $0.000009355. At the time of writing, Shiba Inu trades at $0.000008709, with its daily trading volume having exploded by over 142%, reaching $329.33 million. The SHIB market has experienced a 24-hour liquidation of $994.97K.
Significantly, the latest Shibburn data reported a decrease in the rate of 29.33% in the last 24 hours, with 4,020,563 SHIB tokens burned from the circulating supply. To date, the Shiba Inu ecosystem has burned a total of 410.75 trillion. SHIB has left over 585.29 trillion tokens in circulation. Besides, over the last seven days, 194.74 million SHIB tokens were burned.
Will SHIB Keep Its Bullish Run Rolling?
The SHIB/USDT trading pair exhibits the ongoing uptrend, and the price might rise and find its key resistance at $0.000009063. A potential push on the upside above this level could likely send the price toward $0.000009378. Assuming a bearish reversal, with the Shiba Inu price falling, to test the immediate support at around $0.000008450. A sustained downside pressure could propel the asset’s price to a low range of $0.000008117 or even lower.
In addition, the Moving Average Convergence Divergence (MACD) line of SHIB is positioned above the signal line, which indicates bullish momentum. Also, the trend may continue upward, as it is a potential buy signal. Shiba Inu’s Chaikin Money Flow (CMF) indicator suggests mild buying pressure as the value settled at 0.10. The capital is flowing into the asset, showing accumulation. As long as it stays above zero, the bias remains moderately bullish.
The daily Relative Strength Index (RSI) at 69.55 hints at a strong bullish sentiment. SHIB is almost in overbought territory, and it may face a short-term exhaustion. Further upside brings in a possible pullback or consolidation. Moreover, the Bull Bear Power (BBP) reading of Shiba Inu found at 0.00000049 is slightly positive, implying a weak bullish bias. Notably, the momentum is nearly neutral, and at this level, the price movement might be indecisive.
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Source: https://thenewscrypto.com/shiba-inu-shib-sentiment-shifts-is-a-breakout-brewing-or-a-sideways-stall-ahead/
