After a period of stagnation in the cryptocurrency market, the upward momentum experienced by Dogecoin (DOGE) is also reflected in other coins. Continuing its fierce competition with DOGE, Shiba Inu (SHIB) appreciated, reaching about 22% last week. Can the upward momentum continue?
Shiba Inu Price Analysis
Shiba Inu follows a similar trend seen in most meme tokens over the past few days. Meme tokens have had a hard time dealing with a bear market this year. However, some of the losses were compensated for the significant price increase seen on the last day. In the past 24 hours, SHIB has traded between $0.0000107 and $0.00001270. SHIB’s trading volume increased significantly during this period, reaching $1.4 billion. The bullish sentiment in the broader market could witness an influx of investors pushing SHIB prices higher.
“SHIB’s Rise Can Continue”
However, if the popular cryptocurrency SHIB can continue to rise, it could test the $0.00002 resistance zone. Following Elon Musk’s acquisition of Twitter, the meme token community is actively buying SHIB in its current location. If this bullish sentiment persists amid the FOMC rally, SHIB could continue to post double-digit gains in the coming days.
Additionally, the Shiba Inu’s Relative Strength Index (RSI) is 54, indicating neither overbought nor oversold. The notable gains over the past 24 hours have not had much of an impact on buying pressure, which could increase the chances of the current bull market continuing. Gigantic rebirth, one of the analysts predicting the leading cryptocurrency Bitcoin (BTC)’s last new high and Terra crash, took to Twitter to hint to his 188,000 followers that the price of SHIB is swaying as the DOGE/SHIB pair reverses will rise further.
Source of information: Compiled from COIN-TURK by 0x information.Copyright belongs to the author Mehmet Çağrı Tunç and may not be reproduced without permission