Key Takeaways
- Shiba Inu price has jumped, reclaiming the $0.000015 level as trading volume surged from under $200 million to over $619 million.
- On the 4-hour chart, SHIB has broken out of a descending trend and shows consistent green bars on the Awesome Oscillator (AO)
- The daily chart confirms an ascending channel with rising Relative Strength Index (RSI), supporting a potential move to $0.000019.
Even though it felt oddly out of place at some point, Shiba Inu (SHIB) is beginning to show why it was one of the breakout cryptos of the 2021 bull market.
In the last 24 hours, SHIB’s price has jumped 13%, reaching $0.000015 — a target CCN predicted days ago. Unlike previous rallies, SHIB volume strongly supports this surge, suggesting growing conviction among market participants.
Here is what could be next for SHIB’s price.
SHIB Trading Volume Spikes
During Thursday’s intraday trading hours, SHIB’s trading volume was less than $200 million. Today, that metric has risen to $619.55 million.
The surge in volume indicates rising interest in the memecoin, currently ranked as the 15th most-valuable cryptocurrency in terms of market cap. Typically, from a technical perspective, rising volume alongside increasing price is a bullish sign.
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On the other hand, a drop in volume, even if the price rises, indicates weakness. If that was the case, then SHIB’s next move could be a decline from its recent gains.
However, in this case, the surge in SHIB’s volume could help maintain the uptrend if sustained. The cryptocurrency’s value might climb higher than $0.000015 if the trend continues.
Back on the Strong Foot
Beyond this, the SHIB/USD 4-hour chart shows a bullish technical setup. Between April 25 and Tuesday, May 6, the memecoin’s structure was a downtrend that dropped the price from $0.000015 to $0.000012.
However, after the recent breakout, SHIB’s price has reclaimed the peak of the descending trendline. Amid this price increase, the Awesome Oscillator (AO) has flashed consistently higher green histogram bars.
The rise in the AO reading indicates bullish momentum. If sustained, and SHIB’s volume increases, the cryptocurrency’s market could break above upper resistance levels.
SHIB Price Analysis: Rally Not Stopping
On the daily chart, SHIB has been hitting higher lows and highs, indicating a strong bullish technical setup. As a result, the cryptocurrency is now trading in an ascending channel.
As SHIB’s price increases, the Relative Strength Index (RSI) has surged higher, indicating bullish momentum. Should the RSI reading maintain this hike, Shiba Inu might see a quick run toward $0.000019 at the 0.618 golden ratio.
Should the broader market condition continue to improve, SHIB’s price might climb toward $0.000025 as long as bulls help to break past the resistance at $0.000022.
On the other hand, if momentum turns bearish, this price prediction might not pass. If that were to happen, SHIB’s volume might drop, and the coin’s market value could slide toward $0.000010.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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