SHIB Price Surge Threatens Avalanche’s Market Dominance
The post SHIB Price Surge Threatens Avalanche’s Market Dominance appeared on BitcoinEthereumNews.com.
Shiba Inu’s open interest increased by 53.98%, reaching $64.78 million, signaling growing interest in SHIB derivatives trading. Avalanche’s 24-hour trading volume grew by 6.70%, reflecting continuous buying pressure as the token maintains bullish momentum. SHIB derivatives liquidations totaled $800.82K, evenly split between long and short positions, showing a highly active and balanced market. Shiba Inu (SHIB) and Avalanche (AVAX) are in the spotlight after a crypto analyst predicted SHIB would overtake AVAX in market dominance. With both tokens showing strong upward momentum, traders are closely watching for shifts in dominance. Additionally, data from major exchanges further supports this bullish sentiment in both tokens. Besides, data from major exchanges further supports this bullish sentiment in both tokens. Shiba Inu Breaks Out with Strong Gains Shiba Inu’s price surged to $0.000019, driven by a 24-hour trading volume of $1.37 billion. Its market cap has hit $11.25 billion, reflecting a 23.37% increase in the last 24 hours. The price chart shows a sharp upward movement, with the latest candle closing at $0.00001906, a gain of 2.36%. The increased trading volume suggests growing buying interest, confirming a bullish trend. Read also: Shiba Inu ($SHIB) Poised for New All-Time Highs: A Trend Analysis Additionally, the Shiba Inu Relative Strength Index (RSI) stands at 80.22, indicating overbought conditions. While an RSI above 70 often signals a potential pullback, the ongoing momentum could keep these levels elevated longer. Therefore, traders are watching for signs of a possible correction. Moreover, the Moving Average Convergence Divergence (MACD) has crossed above the signal line, affirming the bullish trend. The expanding histogram bars further indicate continued upward pressure. This trend suggests that the buying pressure is still strong and may persist. Avalanche Maintains Steady Growth Avalanche (AVAX) has also performed well, with its price reaching $29.39. Its 24-hour trading volume stood…
Filed under: News - @ September 27, 2024 10:22 am