- SHIB has spiked by 5.30%, over the past 24 hours.
- The daily trading volume of SHIB has surged by 43%.
The crypto market exhibits mixed signals while assets are gaining and losing. Analysts anticipate the overall sentiment of the market to gain momentum post-US election. The largest cryptocurrency, Bitcoin is under bearish pressure, trading at $68.7K.
Notably, the dog-themed cryptocurrency, Shiba Inu (SHIB) is one among the top five gainers over the past 24 hours. The meme coin has gained over 5.30% and the trading day opened with the asset traded at $0.00001675. The meme coin price began to climb and hit a high of $0.00001771.
At the time of writing, the meme coin traded at $0.00001759, with the trading volume staying at around $383 million, according to CMC data. Meanwhile, the market observed a liquidation of $654K worth of Shiba Inu during this timeframe.
SHIB has steadily declined by over 4.90% in the past week, charted in red. The meme coin slipped from the $0.00001966 range to $0.00001629. The volatile market occupied space for SHIB, for a possible reversal from the bearish momentum.
On the other hand, around 6 billion SHIB tokens were burned in 105 transactions in October. Moreover, billions of SHIB were transferred to dead wallets and this reduces the total supply of SHIB.
Can SHIB Gain More Ground?
SHIB’s technical indicators highlight the bullish sentiment. The Moving Average Convergence Divergence (MACD) line is settled above the signal line, inferring the current positive outlook, which might lead to the incoming bull run.
SHIB chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator suggests an increased money flow as the value sits at 0.16. While the daily trading volume of SHIB has increased by over 43%.
Moreover, the daily relative strength index (RSI) is positioned at 58.92, suggesting the neutral condition of the asset. In addition, the asset’s short-term 9-day MA is found below the long-term 21-day MA.
If the meme coin bulls sustain the upside momentum, the immediate resistance is likely to be found at $0.00001812. Consequently, SHIB might test a higher resistance at the $0.00001910 range.
On the flip side, if SHIB fails to hold the bullish ground, the price might slip to the nearby support at $0.00001681. The subsequent support of the meme coin could be found at $0.00001587.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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