Can Shiba Inu (SHIB) Gather Momentum for a Potential Breakout?

• SHIB trades at $0.00002599 in the past 24 hours. 
• The daily trading volume of SHIB has plunged by over 27%.

The meme coin market cap has stabilized at $127 billion. All the major meme coins like DOGE, PEPE, and BONK are priced in green. The recent Bitcoin rally, which pushed its price to $99K, ignited the crypto market. 

Among the meme coins, the dog-themed Shiba Inu (SHIB) has gained moderately by 2.28% on a daily scale. The meme coin opened the day trading at $0.00002543. Notably, in the early hours, SHIB visited its lowest price at $0.00002494 and eventually mounted to the highest at $0.00002609.

At press time, the meme coin traded at $0.00002599, with its daily trading volume reaching $752 million. If the meme coin steadily recovers, it could drive a potential rally. On November 12, the SHIB bulls pushed the price to a high mark of $0.000030.

Inferring the monthly price chart, Shiba Inu has secured a gain of over 36%. The meme coin has climbed to the current price level from a low of $0.00001642. This gain has been briefly reflected over the past seven days, showing a 4.86% spike.

On the other hand, the burn rate of Shiba Inu surged 2050.95% over the past 24 hours. To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.86 trillion SHIB in circulation. This increase in SHIB’s burn rate is expected to bring a surge in price. 

Will SHIB Secure More Gains?

The daily frame of SHIB reveals the daily relative strength index (RSI) positioned at 57.10 in the neutral zone in the market. Moreover, the meme coin’s short-term 9-day moving average is positioned above the long-term 21-day moving average. 

The technical indicators of the SHIB/USDT trading pair report the brief bullish sentiment. The Moving Average Convergence Divergence (MACD) line rests above the signal line, hinting at the short-term positive outlook. It can either strengthen or weaken the momentum. 

Besides, the Chaikin Money Flow (CMF) indicator stays at 0.06, which suggests a positive money flow. However, the level of positivity is modest, reflecting mild buying pressure. While the daily trading volume of the SHIB has plunged by 27.93%. 

In the current brief bullish scenario, the meme coin could immediately rise to the $0.000026 mark. If SHIB’s price follows this pattern and sustains the upside trajectory, the buying pressure increases, and the price could likely surge to $0.000030.

On the flip side, if Shiba Inu’s ongoing uptrend reverses, the meme coin could drop to find its support at $0.00002348. A potential break below this level could pave the way for a sharp drop to the $0.000020 range or even lower.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.