As a researcher with experience in the cryptocurrency market, I find the recent surge in Shiba Inu (SHIB) intriguing. The meme coin has experienced a 7% increase in value over the past 24 hours, outpacing Dogecoin (DOGE) during this time. This uptick comes amidst a broader resurgence of the meme coin niche, which is up by 7.82%.
Shiba Inu has experienced a 7% increase in value over the last 24 hours, outpacing Dogecoin within the meme coin sector. The meme coin segment has seen a significant revival, with a 7.82% overall gain. Shiba Inu stands out as a top performer during this surge, generating substantial attention and trading volume. Notably, SHIB‘s trading activity has surpassed DOGE, according to on-chart data, potentially indicating better short-term prospects for Shiba Inu. Additionally, crypto analyst Ali Martinez has identified a potential factor that could trigger a 20% price hike for Shiba Inu.
Shiba Inu Volume Flips Dogecoin
According to Coinmarketcap’s data, Shiba Inu has experienced a significant surge in trading volume over the last 24 hours, with a remarkable jump of 320%. In contrast, Dogecoin recorded a more modest increase of approximately 160% in terms of trading volume. Notably, Shiba Inu, which had been confined to a bearish trend for some time, is now attempting to break above this channel.
As a curious crypto investor, I’m always on the lookout for valuable insights from industry analysts. Recently, I came across an intriguing prediction by someone who correctly forecasted Solana’s impressive 1,100% price surge. Intrigued, I wanted to know what they had to say about the altcoin’s future direction. Let me share with you where this analyst sees Solana heading next.
Based on data from analytics platform IntoTheBlock (ITB), Dogecoin (DOGE) is currently predicted to outperform Shiba Inu (SHIB) in the long term. However, SHIB may surpass DOGE in the short term when considering cost basis. According to ITB’s metric of holding duration, there has been a 1.86% rise in Dogecoin holders within the last month, compared to a 0.43% increase for Shiba Inu. ITB classifies these holders as long-term investors who have possessed the asset for over one year.
The growth of SHIB‘s investor base in the short-term category, currently at +5.69% over the past month, contrasts with DOGE‘s decline of 2.44%, indicating heightened interest in SHIB among this group.
SHIB To Breakout Of Parallel Channel
Based on recent market trends, SHIB seems poised to exit its downward parallel channel of decreasing highs, as highlighted by crypto analyst Ali Martinez on social media. This channel has been in place since late April. The current price movement places SHIB near the upper boundary, making it a pivotal moment for either a bullish breakout or a bearish reversal.
Related Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000
Based on the analysis, if the price breaches the current resistance at $0.00002444 from the descending channel, it could trigger a 20% increase, reaching up to $0.00002954. This level represents the upper boundary of the channel being examined. Beyond that, SHIB may rebound and regain the $0.00003 mark.
Should the price of #ShibaInu surpass the upper limit of the current descending parallel channel at a value of $0.00002444, then we could anticipate a potential 20% increase in its value, reaching approximately $0.00002954.
— Ali (@ali_charts) May 13, 2024
As a researcher observing the market at this moment, SHIB is currently priced at $0.0000236. If it fails to surpass $0.00002444, there’s a possibility that the cryptocurrency could experience a downturn and potentially drop as low as $0.0000211.
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2024-05-14 23:10