Today, an interesting development was spotted on the price chart of the popular meme-inspired cryptocurrency Shiba Inu (SHIB). Since the start of the new daily candlestick, the price of SHIB showed a rapid increase of almost 5%, peaking at $0.0000147 — the highest price for the Shiba Inu token in eight days.
The spike was accompanied by a surge in trading volume, indicating strong buying activity at the time. Then, however, the price of SHIB lost its gains, falling even below the day's opening price, leaving a large wick on the daily candlestick price chart.
SHIB to USD by CoinMarketCap
This wick, marking the high and low points of the day, raises a key question.
Will wick be filled?
That is perhaps the most interesting question at the moment. As things stand, someone big, or maybe a group of big investors, started buying SHIB today, which drove the price higher.
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On the one hand, it shows that there are buyers willing to buy the Shiba Inu token at current levels. On the other hand, the pump and dump that followed may indicate that the order block for SHIB is thin and subject to increased volatility. This can make the price of SHIB unstable and could present challenges in predicting SHIB’s price movement in the short term.
