In addition to major cryptocurrencies like Bitcoin and Ethereum, the cryptocurrency market is also witnessing the rise of alternative coins that show significant potential for growth.
One such coin is WSM (Wall Street Memes), which has been gaining attention for its unique approach to blending finance and humor.
Another notable altcoin is yPredict, a platform that leverages blockchain technology to provide accurate predictions and insights.
Additionally, Ecoterra aims to revolutionize the green energy sector through its eco-friendly blockchain solutions.
Today, we turn our focus to Shiba Inu (SHIB), a meme-inspired cryptocurrency that has captured the attention of many investors.
With its recent surge in trading volume, reaching $100 million, the question arises: Can SHIB achieve the milestone of reaching $1?
Shiba Price
The current trading price of Shiba Inu (SHIB) stands at $0.000009, accompanied by a notable 24-hour trading volume of $81,607,284.
Over the past day, SHIB has experienced a modest increase of nearly 3%.
As of now, Shiba Inu holds the #15 ranking on CoinMarketCap, boasting a live market capitalization of $5,195,877,648.
The circulating supply of SHIB coins amounts to 589,353,544,428,282.
Shiba Price Prediction: Can SHIB Reach $1 After $100m Trading Volume?
On the technical front, Shiba Inu (SHIB) is trading around 0.00000879, following a notable resistance encountered at 0.0000089067.
Upon observing the four-hour timeframe, there is a formation of three bullish engulfing candles, also referred to as three white soldiers, indicating a strong bullish sentiment in the market.
Additionally, the 50-day exponential moving average and the RSI indicator are both in the buying zone, suggesting the likelihood of further bullish movement.
Moreover, the 50-day exponential moving average on the hourly timeframe provides support around the level of 0.00008500, and the closing of candles above this level indicates significant upside potential for Shiba Inu.
Therefore, the recommended approach for today is to wait for the market to stabilize and confirm the bullish sentiment by closing candles above the resistance level at 0.000008697. Keeping a close eye on this level is advised.
On the flip side, if SHIB successfully breaches the level of 0.000008906, the next target can be anticipated around the level of 0.000009098.
This article was originally published by CryptoNews.
