Shiba Inu (SHIB) has recently attracted a lot of interest in the cryptocurrency market. It has witnessed a breakout following a protracted downturn. The price of the coin eventually broke through the dynamic resistance holding it back for the previous five months, which resulted in a spike in trading volume and rekindled investor interest.
As a result, SHIB dropped to a new low for the year of $0.00000543 before rising again. The Shiba Inu price currently trades at $0.0000082, and the supply pressure at the $0.00000832 resistance level represents the next significant obstacle. This suggests that maintaining the meme coin’s upward momentum will still be difficult.
In his latest analysis, Brian Bollinger said the most recent breakout had given the market fresh hope. Shiba Inu’s intraday trading volume has significantly increased, reaching $273.3 million, an increase of 111%.
This increase in trading activity indicates that investors actively participate in the market and that interest in SHIB is expanding. According to analysts, the post-breakout rally may cause the price of Shiba Inu to increase by 17%, rising to $0.00000976. If the positive momentum persists, the currency may go for the $0.0000119 level soon.
SHIB Online Community Responsible For The Surge, More Increase Predicted
Investigations into the current success of SHIB have been linked to Shiba Inu’s robust online community. Bollinger further stressed that it will be interesting to watch if Shiba Inu can maintain its recent momentum and grow into a more significant player in the cryptocurrency market as it continues to develop.
He later predicted that the coming weeks would be critical in establishing the coin’s long-term trajectory and would play a huge role in determining whether it could continue to rise. According to data from CoinHeck Up, SHIB closed a 24-hour trading volume of $83.65 million. The movement was reflected in the market capitalization, which closed at $4.45 Billion in the last 24 hours.
SHIB’s circulating supply didn’t significantly increase as it still revolves around 589,347,784,418,085 SHIB, also in the previous 24 hours. Technical indicators obtained from Changelly have it that the coin is currently on a bullish trend, with a 57% in market sentiment. The Fear and Green index also scored 60 (Greed). Meanwhile, SHIB has been on 21/30 (70%) for the past 39 days and has experienced a 4.60% volatility rate.
The most recent prediction, as published by Changelly, has it that the price of SHIB is expected to close up more zeros before arriving at $$0.0201. According to the published technical analysis, the price of Shiba Inu will be hitting $$0.0571 at the maximum rate and $$0.0941 at the average.
As published by Daria Morgen on Changelly, technical indicators also predicted that the minimum trading cost for SHIB in August will be $$0.0733 – while the maximum will likely reach $$0.0909 before the end of August.