Shiba Inu’s price shows strong upward momentum, approaching a critical resistance at $0.00003000.
Significant rise in SHIB’s trading volume and market cap indicates robust buying interest and potential for further gains.
Despite being overbought, technical indicators suggest short-term bullish momentum for SHIB, with forecasts showing optimism for June 2024.
Shiba Inu has shown significant momentum breaking through resistance levels and initiating a fresh upward trend. Currently trading at $0.00002866, the currency has appreciated in value. This has led to an increase in market capitalization, now at $16.89 billion, an increase of 15.96%. The 24-hour trading volume has also risen by 94.86% to $1.97 billion.
Starting from $0.00002472, SHIB’s price has followed an upward trajectory with minor fluctuations. This low point in the time frame serves as a crucial support level. The day’s price movement has been marked by breaking through several minor resistance points, underscoring strong buying pressure. The peak price of $0.00003000, however, presents a key resistance level that SHIB is currently facing.
The support level at $0.00002472 has been confirmed as crucial for future upward movements. Conversely, the resistance level at $0.00003000, the highest it has ever reached, poses a significant challenge for further gains. SHIB’s ability to break this resistance could define its capacity to sustain its upward trend.
Coinglass data shows a 120.36% increase in trading volume this week, reaching $541.18 million. Open interest for SHIB futures contracts also rose by 10.95% to $121.66 million. Despite a long/short ratio of 0.9654 indicating a dominance of short positions, the overall trading activity remains robust.
Shiba Inu/USD 1-day price chart, Source: Trading view
Technical indicators provide additional insights with the 1-day stochastic RSI, trading above the signal line at 90.79, suggests the market is currently overbought, indicating a potential price correction in the near future.
However, the 1-day MACD, also above the signal line, suggests bullish momentum in the short term. Additionally, the 1-day ADX at 15.42 indicates a lack of a strong trend in either direction, suggesting a period of consolidation or market uncertainty.Changely blog data show that cryptocurrency experts expect SHIB’s price in June 2024 to be between $0.0000288 and $0.0000382, with an average expected value of around $0.0000355.
The post Shiba Inu’s Trading Activity Spikes: Key Insights and Future Prospects appeared first on Coin Edition.
