Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- Shiba Inu price has risen substantially at a time when meme coins are struggling amid altcoin rally. Here's why SHIB's upside will extend.
Shiba Inu price recovered on Wednesday, going up by 5% at the time of writing to trade at $0.0000300. The coin declined in the previous two sessions, but has been among the standout performers in the meme coin ecosystem. SHIB price has gained 22% in the last week, the same time window during which Dogecoin, PEPE and DogWifHat (WIF) have gained 6%, 12% and 10% respectively.
The meme coin ecosystem has put an underwhelming performance this crypto rally cycle, as investors allocate more weight to BTC and utility-driven altcoins. Shiba Inu, while originally a meme coin, has undergone several improvements that have seen it conjure utility through its Shibarium Layer-2 blockchain. This has set SHIB apart from peers in the meme coin market.
Whale transactions have also provided traction for SHIB price. The token has $2 billion worth of transactions whose value exceeds $100k per transaction. That signals stable investor interest in the asset, which favours the price upside.
Meanwhile, 23% of SHIB holders are “Out of the Money” as per on-chain analytics site, IntoTheBlock. That will offer support as a nearly a quarter of investors are unlikely to sell their holdings at a loss. Meanwhile, the 24-hour trading volume was up by 40% and the Open Interest was marginally up by 0.3%. That adds credence to the Shiba Inu price upside narrative.
Shiba Inu price prediction
Shiba Inu price has its pivot at $0.0000294, and the upside is likely to prevail, as indicated by the RSI. With the buyers in control, SHUBUSD is likely to move higher and encounter the first resistance at $0.0000301. However, extended bullishness will break above that level and test the second resistance at $0.0000310.
Conversely, SHIB’s move below $0.0000294 will shift the momentum towards the downside. With that, the coin is likely to find the first support at $0.0000287. A stronger bearish momentum could break below that level, invalidating the upside narrative. Meanwhile, the decline could extend to the second support at $0.0000282.
