Altcoins
Shiba Inu Coin Price Aims to Rise 129%, But There’s a Catch
Shiba Inu coin price is aiming to hit a 129% increase, a May high after the meme coin recovered from its low point of $0.00001473 and currently trading at $0.00001871This sudden spike in the price of the meme coin has restored hope among its investors, many of whom believe that the asset has a strong chance of rising further.
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Understanding Investor Sentiment
Currently, SHIB’s market dominance is less than 13.5%, prompting investors to hold rather than sell their positions. Known as the “Dogecoin killer,” Shiba Inu has recently shown impressive gains, rising 19% in the past week. This notable increase positions SHIB as the second-largest weekly gainer among the top 15 cryptocurrencies.
Despite the recent price increase, purchase of interest in SHIB has not kept pace, with trading volume averaging just $262 million over the past week. In contrast, during a previous rally in March, which took SHIB to a yearly high of $0.000045, trading volume soared to an astonishing $7 billion.
Key indicators to focus on
For SHIB to replicate its previous highs, a significant increase in trading activity and volatility is essential. Recent data from Santimentleading blockchain analytics firm, shows that while SHIB volatility recently hit a three-month high of 0.0574, the number of daily active addresses has remained relatively low, averaging just 3,974.
Historically, substantial price increases for Shiba Inu have coincided with increases in both volatility and active addresses. A simultaneous increase in these factors, coupled with increased volatility, could push SHIB to new highs, reminiscent of the impressive gains seen in May and October 2021.
Breaking through key levels
To reach its target of a 129% gain, Shiba Inu must clear several key resistance levels. Currently trading near $0.000019, SHIB is aiming to break above the $0.00002 mark.
With strong market signals in play, SHIBA should navigate through resistance levels between $0.00002 and $0.000025, where a sell wall of 97,160 addresses stands. Breaking these barriers could pave the way for Shiba Inu to reach new heights, targeting the $0.000045 range.
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Shiba Inu: To the moon or back in the doghouse? Only time will tell.