The Shiba Inu price has had a strong rebound in the past few days after it crashed on Monday. The SHIB token has risen to the current $0000065, which is about 15% above the lowest level this week. According to CoinMarketCap, the coin has a market capitalization of more than $2.59 billion and is the 33rd biggest coin in the world.
Why Shiba Inu price is rising
From a fundamental aspect, there have been no major news relating to Shiba Inu recently. Therefore, the reason for this performance is that the coin has a correlation with that of other cryptocurrencies. And most of these coins are rising, Bitcoin comfortably above $32,000. At the same time, there is evidence that the volume of Shiba Inu that is being traded recently is rising.
On Monday, the amount of Shiba Inu that was traded in leading exchanges was worth more than $2.4 billion. It then dropped to $2.3 billion on Tuesday and $2.5 billion on Wednesday. Still, this volume is substantially lower than the historical average of more than $3 billion. Additionally, the number of Google searches and social media mentions is rising. So, what next for the Shiba Inu price?
SHIB price prediction
The hourly chart shows that the Shiba Inu price formed a strong bottom at the $0.000005 level this week. Since then, the coin has risen by more than 15% and is at its highest since Monday. On the hourly chart, the coin has even moved above the 50-period and 25-period moving averages. It has also moved above the descending trendline shown in black and an inverse head and shoulders pattern.
Therefore, there is a possibility that it will rebound, with the next reference point being at this week’s high of $0.0000070. However, a move below the descending trendline will invalidate this view.
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ShIB Chart
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