Shiba Inu (SHIB) Price Surges 42%, Bulls Remain Optimistic

Meme Coin Shiba Inu’s (SHIB) Trading Volume Surges Over 500%
  • It was on June 21st that the Shiba Inu (SHIB) price blasted.
  • Shiba Inu has been down 1.16% in the last 24 hours.

As per CMC, Shiba Inu’s returns have increased by 42 percent in the past week. SHIB has been attempting to recover its footing after the market-wide crypto meltdown earlier this month. It has been possible to see a more significant recovery when compared to its rival, Dogecoin.

SHIB/USDT: Source: TradingView

Shiba Inu’s current price is $0.00001157, an increase of 42 percent over the previous week. It was on June 21st that the Shiba Inu (SHIB) price blasted through a five-week-old descending trend line resistance with a long bullish candle. The breakout chance drew in additional buyers as the overall market’s mood improved, and the cryptocurrency surged to $0.000116 in the process. In addition, the currency’s price may drop to $0.00001 due to selling pressure approaching $0.000012.

Traders Might Anticipate a Retest of $0.00001 Level

As of late, the SHIB sellers have used a declining trend line in their downturn, which has lately dropped to a low of $0.000007197. In addition, the SHIB price recovered from the previously noted support and had a tremendous pump of 32.85% on July 21st. Supported by the current burn activity, buyers could break $0.00001 and a declining trend line’s combined resistance.

The three straight green candles in the post-retest rally surge indicated a strong momentum rally. Substantial supply pressure at $0.000012 is indicated by the daily candle’s long-wick rejection on June 21st and June 25th. As a result, traders might anticipate a retest of the $0.00001 psychological barrier if the SHIB price reverts. According to CMC, the Shiba Inu price today is $0.00001157 USD with a 24-hour trading volume of $610,134,994 USD. Shiba Inu has been down 1.16% in the last 24 hours.

Recommended For You:

216 Million Shiba Inu (SHIB) Tokens Burnt in 24 Hours

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.