Shiba Inu on Way for 129% Rise to $0.000045 with This Rare Pattern
The post Shiba Inu on Way for 129% Rise to $0.000045 with This Rare Pattern appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) could leverage a rare convergence of market patterns to engineer a 129% recovery back to its yearly peak. The market is currently on a recovery path, with Bitcoin (BTC) on the verge of reclaiming the $65,000 territory. Shiba Inu has capitalized on this market-wide rebound to recoup lost grounds. With a 19.68% gain in seven days, SHIB is the second biggest weekly gainer among the 15 largest cryptocurrencies. Shiba Inu Faces Reduced Interest Despite Uptrend However, its recovery campaign has not received sufficient boost from market participants. This is due to an observable decrease in market activity despite the ongoing rebound. The Crypto Basic recently discovered that SHIB buying interest has been relatively low compared to previous uptrends. This trend is possibly due to investor apathy as most market participants are uncertain if bulls can sustain the ongoing rebound. Notably, Shiba Inu’s 24-hour trading volume has been poor, especially for a period of upsurge. Marker data shows volume has averaged a meager $262 million over the past week. Shiba Inu Trading Volume | CoinMarketCap While this is comparatively higher than SHIB’s trading volume during a consolidation phase, it is below expectations for an uptrend. For context, during the previous uptrend that saw Shiba Inu hit a new yearly peak of $0.000045, SHIB’s volume averaged a massive $7 billion from March 1 to 8. Shiba Inu Trading Volume | CoinMarketCap Notably, for Shiba Inu to receive a significant boost to the ongoing rally, its volume must increase significantly. This sort of increase can come from a renewal of investor interest, contributing to heightened trading activity. SHIB Requires Increased Volatility and Heightened Trading Activity To put this into perspective, Shiba Inu requires a convergence of increased trading activity and rising volatility to record a price pump similar to the…
Filed under: News - @ July 16, 2024 8:24 am