• 29 May, 2024
News

Shiba Inu Surges 19%: Social Volume Up Amidst Altcoin Stalls

In the dynamic world of cryptocurrencies, today’s market landscape showcases a mild uptick in prices for various altcoins. However, a noteworthy trend emerges as mid and small-cap coins continue to grapple with challenges in gaining momentum over the course of the week. A notable exception to this trend is the emergence of Shiba Inu (SHIB) as a standout performer, offering a glimmer of hope for traders seeking positive traction.

Santiment, a platform with on-chain and social cryptocurrency metrics, shared a Twitter post providing insights on the current Altcoin market:

Shiba Inu, often referred to as a meme coin due to its viral popularity, has captured the attention of traders and enthusiasts alike. Surprisingly, Shiba Inu has surged by an impressive 19%, defying the broader market trend. What’s particularly intriguing is the concurrent increase in the social volume surrounding the coin. This upswing in social activity not only underscores growing community engagement but also adds an element of legitimacy to the coin’s upward trajectory.

Shiba Inu’s rise is a focal point as traders recalibrate their strategies amidst a mixed bag of performance across the altcoin spectrum. The coin’s resilience in the face of market challenges, substantial gains, and heightened social discourse positions it as a beacon of optimism. While mid and small-cap coins grapple with sluggishness, Shiba Inu’s ascent is a reminder of the potential for surges in the ever-evolving cryptocurrency market.

At the time of writing, SHIB is trading at $0.000010, with a gain of more than 1.49% over the past 24 hours. The bullish trend in cryptocurrency has seen strong demand for Shiba Inu over the past few hours, resulting in a rising price. The current 24-hour trading volume is $318 million, with major exchanges like Binance, Huobi Global, and OKEx accounting for most of the trading. This digital asset is currently ranked 14 among all cryptocurrencies and offers a market cap of $5,842,328,105.

SHIB token broke through the $0.000010 level after hitting a high of $0.00001011 on the previous day. H. However, if bulls continue to maintain their momentum, then the price of Shiba Inu could potentially break through the $0.000011 level in the near future. On the downside, the cryptocurrency’s support level is around $0.000009698, and if this level is breached, then it could see a sharp decline in its price. 

Source: TradingView

The daily technical indicators for the coin are bullish, with 20-EMA and 50-EMA both trading in the green zone. The moving average convergence divergence (MACD) is also in the positive region, with the MACD line above the signal line. The Chaikin money flow index (CMF) also trades in the positive zone at 0.10. This indicates that the buying activity is higher than the selling activity, leading to a price increase.  The RSI is also in the neutral zone at 68 levels, and if bulls persist, RSI could break the 70 levels and enter the overbought zone. 

In conclusion, Shiba Inu is currently trading at a strong level, and it looks like it could continue to make gains in the near future. The SHIB token has seen an increase in demand over the past few hours, and this could lead to a further price increase if bulls remain in control. The daily technical indicators for the coin are also bullish, indicating that the price could continue to move upward.

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