Shiba Inu’s Price Set to Skyrocket by 129%, But Here’s a Twist
It is forecasted that Shiba Inu coin price will surge by 129%, reaching a level not seen since May. The meme coin has rebounded from a low of $0.00001473 to its current trading price of $0.00001871, offering renewed optimism to its investors, many of whom anticipate further price increases.
Despite Shiba Inu’s dominance currently standing at 13.5%, investors are holding onto their assets rather than selling. However, concerns have been raised about the low trading volume. Although Shiba Inu has experienced a 19% increase in the past week, the buying interest in the coin has not matched this surge.
Trading Volume Declined
The average trading volume over the past week has been only $262 million, a significant decline from the $7 billion volume seen during the rally in early March that pushed SHIB to a yearly high of $0.000045.
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To achieve a substantial increase in its price, Shiba Inu requires a significant boost in trading activity and volatility. Recent data from Santiment has revealed that although SHIB’s volatility recently reached a three-month high of 0.0574, the number of daily active addresses has remained low, averaging just 3,974. Additionally, historical data indicates that significant price increases in Shiba Inu have been associated with simultaneous increases in volatility and active addresses.
Market Trend and Price Level
Despite the current trading price of nearly $0.000019, Shiba Inu aims to surpass the $0.00002 mark. Overcoming the resistance levels between $0.00002 and $0.000025, where a sell wall of 97,160 addresses stands, is seen as a crucial step for Shiba Inu to reach new heights, ultimately targeting $0.000045.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
