Popular meme coin, Shiba Inu [SHIB] has surged by more than 26% in the past 24 hours and is fast approaching to record a new all-time high amidst a lull in the market. As observed by the leading data analytics forum, Santiment, the Dogecoin spin-off has witnessed a tremendous increase in its network activity despite the mostly negative market sentiments and a host of false narratives surrounding the Shiba Inu ecosystem.
In its analysis, the on-chain data provider shed light on the price structure of the asset and tweeted,
Shiba Inu is +26% in the past 24 hours while the rest of the crypto markets are mostly flat. The young, rising asset continues pumping eerily in tandem with moments of crowd negativity and doubtful commentary.
Adding to that, Santiment also noted that SHIB was among the 100 best-performing cryptocurrency assets that have managed to accumulate more than 20% gains in the last 24 hours along with the “highest increased discussion rates.” The above chart clearly depicts the performance of the SHIB token with respect to other top-ranking cryptocurrencies.
Let us look into the technicals indicators.
Shiba Inu 4-hour price analysis
Parabolic SAR:- The dotted markers of Parabolic SAR cruising below the SHIB price candles indicated an optimistic price action and cushioning from a potential decline.
Chaikin Money Flow [CMF]:- The CMF indicator is seen to be rising rapidly above the zero line and depicted a significant increase in capital inflow in the market. This evidenced a bullish picture of SHIB’s growth trajectory.
Relative Strength Index [RSI]:- The RSI also spiked in response to the recent rally in the market. It was found to be trading above the 70-mark is in overbought territory and displayed the dominance of the buyers in the market.
MACD:- The MACD indicator is favoring the bulls as gauged from the above price chart.
Klinger Oscillator:- The Klinger Oscillator [KO] is also steadily rising above bullish territory.
Awesome Oscillator:- The Awesome Oscillator [AO] is depicting similar bullish tendencies in the coin market.
Shiba Inu’s meteoric rise
SHIB witnessed a major push on the 18th of October when its price climbed over 13% in less than 24-hours. For the next week, the asset treaded cautiously and was found to be consolidating within a tight range. Another notable spike occurred on the 23rd of the same month which fetched its ATH.
Owing to the massive popularity and demand of the crypto-asset, Public.com, which happens to be a social investing app has announced listing SHIB for its members with crypto access. Novadax’s fiat-crypto market also announced support for the asset last week granting access to the Brazillian crypto investors. These crucial developments may have further boosted the ongoing rally.