Shiba Inu (SHIB) is making headlines once again as it eyes Cardano’s spot in terms of market capitalization. With a current market cap of $12.22 billion, SHIB has surged in popularity despite its humble origins and speculative nature.
Shiba Inu Coin, a popular meme cryptocurrency, nearly surpasses Cardano in market cap rankings. Currently positioned tenth on CoinMarketCap, SHIB holds a market valuation of $12 billion. In contrast, Cardano, ranked ninth, has a market cap of $14 billion. With increasing investor interest, SHIB could overtake ADA in the near future.
Despite its lower ranking, Shiba Inu Coin’s trading volume is notably higher than that of Cardano. This robust trading activity underscores the meme coin’s growing popularity among traders. As of today, Cardano’s price stands at $0.411, having declined 2.66% over the last 24 hours.
In the last 24 hours, SHIB’s price decreased 4.38%, trading at $0.00002073. This slight dip follows a period of volatility highlighted by significant price movements and increased trading volume, indicating strong investor interest.
Cardano price has been trading in a bearish trend lately, with most of the cryptocurrencies seeing a market correction. Over the past week, ADA price has seen a decrease of 7% and a monthly 5% decrease, indicating a downward trend. ADA price has been trading in a range of $0.4 to $0.44 during this period.
DevourGO Partners with Coinbase Commerce to Accept Shiba Inu for Food DeliveriesAnalyzing SHIB’s recent price trends reveals a story of resilience amid market fluctuations. The coin started the observed period at approximately $0.00002168 before sharply declining to around $0.0000200. This drop tested a critical support level, demonstrating robust buyer activity at the $0.000022.
During the consolidation phase, SHIB’s price fluctuated between $0.0000200 and $0.0000205, suggesting a stable period where neither bulls nor bears had a clear advantage.
Primary support rests firmly at $0.0000200, reinforced by strong buying activity during the recent decline. If this level falters, secondary support at $0.0000195 could come into play.
On the upside, primary resistance lies at $0.0000210, with a secondary resistance at $0.0000215, marking levels where selling pressure has historically been notable.
Technical indicators such as the 1-day RSI reading of 51.20 suggest a neutral market sentiment, indicating a balance between buying and selling pressures. Moreover, the 1-day MACD trading above the signal line at 0.00000282 signals a bullish trend, suggesting that short-term momentum is stronger than longer-term.
