SHIB Price Prediction: As Trading Volume Spikes 68%, Will Shiba Inu Coin Price Rally?

SHIB price prediction: SHIB, a popular meme-coin, has experienced a notable decline in its value over the past day. Currently, the SHIB price trades at $0.00002364, marking a decrease of 4.84%. This recent dip reflects a broader trend in the day’s trading chart, which shows a significant drop from earlier highs.

The market capitalization of Shiba Inu has also fallen by 4.88%, settling at approximately $13.93 billion. Meanwhile, trading activity has surged, with a 68.21% increase in 24-hour trading volume, reaching $607.87 million. This fluctuation in trading volume against the market cap, which is about 4.36%, highlights the volatile nature of the meme-coin market.

SHIB Price Prediction: Can Shiba Inu Recover From The Dip?

Shiba Inu Coin has recently experienced varied market movements, with both upward and downward trends. Over the past seven days, the cryptocurrency’s price dipped by 1% amid today’s market downturn, indicating a phase of market equilibrium.

Over the past month, SHIB has been trading between $0.00002 and $0.000029. This range reveals a horizontal pattern with shrinking volatility, marking a decline of more than 15%.

Over the past 24 hours, most cryptocurrencies have seen a slight correction, with many tokens dipping slightly below their weekly highs. Bitcoin and Ethereum have similarly experienced modest declines, retreating from their recent peak levels.

Shibarium Network Update Fails to Boost SHIB Transactions

SHIB Layer 2 network, Shibarium, recently underwent a hard fork designed to enhance transaction speed and reduce fees. Despite these changes, the number of new transactions and active accounts has decreased. Even though this decline is persistent, the network upgrade was completed successfully, suggesting challenges in attracting sustained user engagement.

Shibarium successfully executed a hard fork at block height 4504576. Recent data from Shibarium shows a total of approximately 416 million transactions. Out of these, 415.5 million transactions have been successfully processed.

If Shiba Inu surpasses the resistance level at 0.000026, there’s potential for an increase in its value. Moving beyond this point to break through the next key resistance at 0.00003 could pave the way for a rise to the $0.00005 level. 

Conversely, if the market turns more bearish, the digital currency might face a decline. Key support is found near $0.000023. A drop below $0.00002 could lead to a sharper fall, potentially deepening SHIB’s losses.

The daily technical indicators for the SHIB suggest a mixed sentiment in the market. The Relative Strength Index (RSI) stands at 45, indicating neither overbought nor oversold conditions. This implies a potential equilibrium in buying and selling pressure. The Awesome Oscillator (AO) presents a slightly negative value, indicating potential bearish momentum in the near term.

Additionally, the Moving Average Convergence Divergence (MACD) shows a narrowing of the histogram, which could hint at a decrease in momentum or a possible trend reversal. The Average Directional Index (ADX) stands at 15.98, suggesting a relatively weak trend strength in the market. 

The post SHIB Price Prediction: As Trading Volume Spikes 68%, Will Shiba Inu Coin Price Rally? appeared first on CoinGape.