Shiba Inu (SHIB) price, a popular meme cryptocurrency, has experienced a slight market rebound in recent trading sessions. Despite this, the SHIB price continues to face challenges in maintaining upward momentum. The token is currently hovering around a key support level, and its struggle to recover reflects a broader trend seen in many meme coins and altcoins.
Shiba Inu Price Gains as Keith Gill Resurfaces
Keith Gill, widely recognized by his moniker “Roaring Kitty,” has sparked a significant rally in a dog-themed cryptocurrency following his unexpected return to social media.
Gill, who famously ignited the GameStop trading frenzy, ended his two-month silence with an X post. As a result, the value of Shiba Inu (SHIB) surged, and other similar meme stocks, such as GameStop (GME) also experienced significant upward momentum
— Roaring Kitty (@TheRoaringKitty) September 6, 2024
Market watchers are abuzz as “Roaring Kitty” resumes his online activity, benefiting followers and meme stock enthusiasts alike. His latest cryptic message has rejuvenated interest and speculation, leading to notable increases in meme stock values.
SHIB Price Surge: Start of New Rally?
Over the past 24 hours, the Shiba Inu price has exhibited an upward trajectory, indicating a bullish trend. As of the time of writing, the SHIB price hovered at $0.00001319 during the U.S. trading hours, marking a 1.63% increase.
The meme coin, known for its volatile price movements, notably recovered from its 24-hour low of $0.00001286 to a high of $0.00001325. Investors and traders closely monitor this digital asset as it continues to progress in the cryptocurrency market.
The 4-hour technical chart for Shiba Inu on Binance indicates a mixed sentiment among traders. The Moving Average Convergence Divergence (MACD) shows a narrowing between the MACD line (blue) and the signal line (orange), suggesting weakening momentum in the recent downtrend. The histogram shows smaller bars, indicating a possible slowdown in selling pressure.
Recent data from Santiment shows an intriguing correlation between Shiba Inu prices and whale transaction activities. In March, SHIB’s price exhibited a steady upward trend, culminating in a significant peak by late June. Concurrently, whale transactions, representing large-scale investments, spiked and aligned with the price surge.
This peak in whale activity suggests strong buying interest among major investors, potentially signaling a bullish outlook. With whale activities stabilizing at a lower level, SHIB’s price has found new support. This suggest a consolidation phase before a potential upward movement.
A recent surge in purchasing activity could drive the price of Shiba Inu price prediction above its current resistance level of $0.000015. If this positive trend continues, the cryptocurrency could reach new highs of $0.000017 and potentially $0.00002. Further momentum in this upward trajectory could even see the meme coin soaring to $1 during the next significant market rally.
Frequently Asked Questions (FAQs)
His social media activity boosted meme stocks and cryptocurrencies, including SHIB.
SHIB faces resistance at $0.000015 and could rise further if it breaks this level.
SHIB is highly volatile and driven by social sentiment, making it speculative and risky.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-shiba-inu-price-hit-1-after-roaring-kittys-comeback/
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