Popular crypto meme coin Shiba Inu surged by double digits in the past 24 hours amidst a positive performance in the wider market. According to price data, SHIB climbed over the past few hours to peak at $0.00001748, effectively reversing most of its losses in the past seven days.
This remarkable rebound has left the meme coin community buzzing and speculating on the SHIB’s future movements. Interestingly, on-chain data shows that the renewed price confidence has been driven up by the activity of large holders who have increased the value of their transactions by 229% since July 4.
SHIB Rebounds Massively
After hitting support at lows of $0.00001298 on July 5, Shiba Inu sharply rebounded, reversing the prior negative trend. This rebound saw SHIB sustaining a price increase throughout Saturday. The overall sentiment was generally positive during the trading session, as most large cap cryptocurrencies witnessed price increases triggered by Bitcoin.
Interestingly, data from IntoTheBlock shows a 190% increase in inflow activity from large SHIB transactions. This increase caused the total value of transactions worth $100,000 or more to shoot up to $74.56 million, its highest in the past seven days.
These large transactions, coupled with the 15% surge in price, seem to have brought Shiba Inu back into the spotlight. Members of the meme coin community are starting to speculate whether the crypto can keep up the bullish momentum and lead other meme coins into another extended bull run.
Can SHIB Break Out Of Downtrend?
The crypto market can be wild, especially for meme coins like SHIB. At the time of writing, SHIB is trading at $0.0000165 and is still down by 3.81% in a seven-day timeframe. Looking at the charts, it’s clear SHIB is still looking like it is about to break out of the major downtrend that has lingered since the beginning of June.
The daily candlestick chart flashed two consecutive greens on Friday and Saturday, which is a bullish signal that crypto traders love to see. Notably, these green candles pushed many SHIB addresses into the profitability zone. The number of holders making money at the current price is now around 47% of the total addresses, a vast increase from 20.47% recorded on July 5.
Continuing the current bullish momentum could easily send SHIB surging 2-3x from here in the short term. On the other hand, there exists the possibility of this upswing being be a temporary blip before the downtrend continues.
For SHIB to sustain this bullish momentum, the overall cryptocurrency market needs to shift towards a more bullish trend. SHIB may rise in line with Bitcoin if it can maintain its present support levels and the latter surpasses $61,000 in the coming week.
Featured image from Dogster, chart from TradingView
by Scott Matherson via Bitcoinist.com
Comments
Post a Comment