After a stellar debut in September this year, Shiba Inu’s [SHIB] price fell into a lull as it followed the wider cryptocurrency market. Popularly known as the Dogecoin-killer, SHIB’s initial success can be attributed to the former’s craze after many market players FOMOed on Elon Musk’s tweets regarding the meme-coin.
Shiba Inu [SHIB] quickly surpassed several top tokens including Avalanche [AVAX] to position itself as the 12th-largest cryptocurrency by market cap on the 7th of September. However, this remained brief as it dropped two ranks below. Overall, it has amassed weekly gains of more than 370%.
Over the past 24-hours, Shiba Inu [SHIB] posted a staggering rally of 46.14% which pushed its price to $0.000033. The crypto-asset stood at a $13.02 billion market cap while recording a 24-hour trading volume of $18.5 billion, at the time of writing.
Shiba Inu [SHIB] Hourly Price Chart:
The volatility in the SHIB’s market is increasing so is the trading volume which has cushioned the ongoing uptrend in the market. Further validating the bullish trajectory on the hourly chart were the upsloping moving averages, 50 [Pink], 100 [Blue], and 200 [Yellow] were at an ideal position while hovering below the SHIB price candles.
The technicals were decently optimistic. The re-formation of bullish crossover by MACD depicted a resurgence in buying demand after a momentary lapse. The green closing bars also appeared on Awesome Oscillator [AO] as the market’s momentum switched to bullish. The Relative Strength Index [RSI], however, showed a bearish divergence in the short-term chart which could signal a profit-taking phase.
The overall market trend indicated a bullish phase. But the divergence formation may bring in sellers. Hence, Shiba Inu [SHIB] may retrace its steps to $0.000023, $0.000017, and $0.000012 respectively. Also, SHIB remained a highly volatile asset and its price movement is often speculated to be a pump and dump asset.