Shiba Inu price is looking quite bullish after a recent breakout from the downtrend. The move is supported by a very strong volume which points toward more upside in the coming days. At the time of writing, SHIB crypto was up 1.57% and changed hands at $0.00000971.
On Wednesday, crypto markets once again embraced volatility as the Bitcoin price dipped to fresh weekly lows. However, the price action reversed as the FOMC meeting concluded without any increment in the interest rates. As a result, Bitcoin price had a strong surge and stood at $42,790 at press time.
Many altcoins outperformed Bitcoin on the day as the Total 3 market capitalization increased by 2.01%. Consequently, memcoins like Shiba Inu coin also caught a bid but the focus remained on BONK which rose 6%.
As per the latest exchange data, SHIB is the second biggest meme coin, with a market capitalization of $5.7 billion. In the last 24 hrs $191 million worth of SHIB coins have been traded across all crypto exchanges.
However, it seems that the newer meme coins like PEPE, LADYS and BONK are getting more mainstream attention than the older coins like SHIB.
An analysis of SHIB/USD daily chart shows a clear breakout from the downward trendline with a constant increase in volume. Such breakouts are often the best indicators for a bullish reversal. Therefore, if the market sentiment remains positive, the August high of $0.000001136 could be retested soon.
Shiba Inu coin price prediction of $0.000001800 could also be met if the broader market conditions remain favorable for the altcoins. A recent breakout in the Total 3 market cap has flipped many analysts bullish on the altcoins but most of the money is expected to flow into major altcoins instead of memecoins.
This post was last modified on Dec 13, 2023, 22:42 GMT 22:42