Shiba Inu (SHIB) has posted an impressive 17.43% increase in its price over the past week, signaling growing investor interest in the memecoin sector as the cryptocurrency market rebounds. Despite concerns over the volatility and manipulative practices often seen in meme-based projects, Shiba Inu’s recent surge has drawn attention, leaving investors wondering whether now is the right moment to enter the market.
Today, SHIB saw a significant breakout, reclaiming the $0.000013 mark and experiencing a 61.67% surge in intraday trading volume, reaching $322.59 million. With a market cap of $8.05 billion, Shiba Inu now holds the position of the 16th most valuable cryptocurrency globally.
Technical analysis shows promising signs for SHIB’s continued rise. The 50-day Exponential Moving Average (EMA) has shown a positive crossover, indicating bullish momentum, while the 200-day EMA around $0.00001658 remains a key resistance level. Despite the current overbought conditions indicated by the Stochastic RSI, which is hovering near 99.78, a bullish convergence suggests SHIB could continue to push upwards in the short term.
If the market continues to favor bullish sentiment, SHIB could target its next immediate resistance at $0.000015. Should the momentum sustain, the memecoin might even challenge its previous high of $0.000018. However, if the market shifts toward bearish sentiment, Shiba Inu could test its lower support at $0.00001025 in the coming weeks.
Investors remain keenly focused on whether the bullish trend will hold, as SHIB strives to maintain its momentum in the volatile world of cryptocurrency.
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