Shiba Inu Coin Price Looking To Make 129% Surge, But There’s A Catch
The post Shiba Inu Coin Price Looking To Make 129% Surge, But There’s A Catch appeared first on Coinpedia Fintech News
Shiba Inu coin price is aiming to make a 129% surge, a high of May after the meme coin recovered from its low point of $0.00001473 and currently trading at $0.00001871. This sudden spike in the meme coin’s price restored hope among its investors, many of whom believe that the asset has a strong chance of rising further.
With SHIB’s dominance currently under 13.5%, investors are holding on rather than selling.
Low Trading Volume Concerns
Shiba Inu (SHIB) often called the Dogecoin killer has emerged as a significant gainer, making an increase of 19% over the past seven days. This surge makes SHIB the second biggest weekly gainer among the top 15 cryptocurrencies.
Perhaps, data reveals that buying interest in SHIB has not matched its price increase, with trading volume averaging only $262 million over the past week. For example, during a previous rally in early March that pushed SHIB to a yearly high of $0.000045, the trading volume averaged a massive $7 billion.
Meanwhile, to achieve the previous rise, Shiba Inu needs a significant increase in trading activity and volatility.
More Volatility Require
However, recent data from Santiment, a prominent blockchain analytical platform highlights that while SHIB’s volatility recently hit a three-month high of 0.0574 and the number of daily active addresses has remained low, averaging just 3,974.
Historically, substantial price increases in Shiba Inu have occurred when both volatility and active addresses surged together. An increase in both these factors, combined with rising volatility, could potentially drive SHIB to new heights, echoing the impressive gains seen in May 2021 and October 2021.
Shiba Inu Coin Price To Make 129% Jump
However, to achieve a 129% gain, Shiba Inu needs to hit several other levels. Although Shiba Inu coin price is currently trading at nearly $0.000019 and aims to break the $0.00002 mark.
With strong market signals, SHIB is expected to overcome resistance levels between $0.00002 and $0.000025, where a sell wall of 97,160 addresses stands. As it pushes through these barriers, the path is clear for Shiba Inu to reach new heights, targeting $0.000045.
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