- Shiba Inu (SHIB) cryptocurrency has been experiencing significant price gains.
- The price surge can attribute to various developments within the Shiba Inu network.
- SHIB has recorded a price increase of 0.74% in the last 24 hours.
Recently, Shiba Inu (SHIB) cryptocurrency has been making bold moves in the cryptocurrency space, where the SHIB token has been recording massive price gains. This has led to the memecoin attracting the attention of investors and traders in the cryptocurrency market.
This recent gain in the price of these digital tokens can attribute to various developments that have been taking place within the Shiba Inu network, such as the development of the Shibarium. Recently, Shibarium partnered with NOWPayments, which aims to enhance crypto payments within the NOWPayment platform.
Shiba Inu Shows Bullish Momentum
In the last 24 hours, the SHIB token has recorded impressive results in the cryptocurrency space. Bulls in the Shiba Inu market have led the memecoin to trade upward, where SHIB has recorded a price increase of 0.74% and currently traded at $0.00000992.
The price surge indicated to continue in the hours ahead, as indicated by the increase in trading volume, which has recorded a rise of 7.47% and is currently hovering around $105,142,838. The market capitalization has also recorded a surge of 0.65% to $5,846,691,511. Shiba Inu presently has a market ranking of 15.
The current support level of the SHIB token is $0.000009839, while its resistance level is $0.00001018. The market dominance of Shiba Inu is currently at 0.49%.
The bullish sentiment in the Shiba Inu market indicated by the movement of the Moving Average Convergence Divergence (MACD), which is moving above its signal line (yellow). With the current status of the MACD line, optimism in the SHIB market might continue in the coming hours. The bullish sentiment further projected to continue in the near future, as indicated by the formation of the trajectory histogram in the hours ahead.
However, the Relative Strength Index (RSI) readings caution investors and traders that it moving southwardly, suggesting that a price reversal might soon experienced in the market. The current readings of the RSI line are 43.98, which is moving toward the oversold zone.
A bearish sentiment might soon occur in the market in the hours ahead, as indicated by the parabolic SAR indicator, which has aligned dots below the candlestick pattern, indicating a bearish sentiment in the SHIB market in the hours ahead.
In conclusion, Shiba Inu is making significant moves in the crypto market. That has led the SHIB token to trade in a bullish sentiment over the past few hours.
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Source: https://thenewscrypto.com/shiba-inu-shib-witnessed-a-surge-with-impressive-gains/