- Shiba Inu (SHIB) saw a 25% rally, reaching an intraday high of $0.00002785.
- SHIB has entered the top 10 crypto rankings, overtaking TON and TRX, with a market cap of $14.16 billion.
The global crypto market has continued to be bullish since the U.S. election results, which led the pro-crypto candidate Donald Trump to win the presidency. Following that, Bitcoin setting new highs every day. Today, BTC recorded an all-time high of $81,858. This rally has boosted the altcoin market including meme coins such as Shiba Inu (SHIB), leading the charge. In fact, SHIB has climbed into the top 10 in crypto rankings, flipping Toncoin (TON) and Tron (TRX), and securing the 10th spot with a market cap of $14.16 billion.
Over the past 24 hours, SHIB price has increased by 25.85%, rising from a low of $0.00002213 to an intraday high of $0.00002785. At the time of writing, the memecoin was priced at $0.00002502—having a daily trading volume of $6.05 billion—skyrocketed by 248% in the last 24 hours. While its price has slightly pulled back, it remains well above the crucial support level of $0.0000235.
A major factor driving this rally is Shiba Inu’s increased burn rate, which has surged by over 1837% in the past 24 hours, with 463,450,468 SHIB tokens being burned. This burning trend has been gaining momentum since the end of October, further fueling optimism among investors.
Crypto analysts are bullish on SHIB’s future, predicting a potential 300% surge and expecting to hit the $0.000081 zone. Technical indicators also support this outlook.
24-H Technical Indicators Hints Bullish Reversal for SHIB
According to the SHIB/USDT trading pair on the daily price chart, the Chaikin Money Flow (CMF) is at 0.22, signaling strong buying pressure. A CMF value above 0.20 shows significant accumulation, suggesting that investors are actively buying, which may support a bullish trend.
Further, the RSI stands at 73.15, indicating SHIB is in the overbought zone. An RSI above 70 often suggests that the asset might be overvalued, signaling a potential pullback or correction. However, if the bullish momentum is strong, SHIB could sustain its uptrend despite being overbought. Additionally, the memecoin’s price is firmly above the 50-day simple moving average (SMA).
Moreover, the 50-day MA is approaching a crossover above the 200-day MA, where SHIB recently crossed it, indicating a potential bullish reversal. This crossover, often called a “golden cross,” follows a bearish “death cross” back in July, which led SHIB into a downtrend.
If this golden cross holds, SHIB may climb back toward its yearly high of $0.0004550. However, it first faces a key resistance level at $0.000030. At this level, a correction could happen and send the crypto price down to $0.00001687 or even $0.00001070 if bearish pressure increases.
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