Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has taken the crypto market by storm over the last few days, with its price skyrocketing to new levels. However, as with all things in the volatile market of memecoins, the rally has begun to show signs of slowing down. Amidst the bullish anticipation of Shibarium’s debut, the recent deceleration in its price surge has left investors and enthusiasts speculating about a possible rebound rally and an opportunity to purchase during the dip.
Shiba Inu’s Trading Volume Surges
In a positive twist for the meme coin sector, Shiba Inu is witnessing a substantial rise in its price movement. A key driver behind this remarkable upswing has been a surge in trading volume. This influx of funds into the Shiba Inu market points to a revived interest from investors, possibly signaling a return of bullish momentum.
The recent climb of SHIB offers a compelling contrast to the wider market’s challenges, marked by scams and rugpull incidents involving other meme coins such as BALD and PEPE. While these tokens have been facing drastic price declines, Shiba Inu has managed to sustain a degree of stability.
Recently, Shiba Inu unveiled its latest product, ShibariumSSI, a platform focused on Self-Sovereign Identity (SSI). This move, aimed at enhancing user control over digital identities amid growing data privacy concerns, has ignited bullish confidence in the project.
Moreover, Binance has declared an expansion of its Flexible Loan and VIP Loan services, now including more collateral and loanable crypto assets. Notably, the meme coin Shiba Inu is among the newly added collateral options. As Shibarium is poised to get launched this August, investors will likely push the meme coin above, achieving long-term bullish goals.
What’s Next For SHIB Price?
SHIB’s price rebounded from the 20-day EMA at 0.00000837 today, suggesting that buyers are stepping in at lower levels. As of writing, SHIB’s price trades at $0.00000865, surging over 4.5% in the last 24 hours.
However, the upward momentum couldn’t push the price beyond the resistance near $0.0000088. Capitalizing on this, the bears have once again driven the price below the 23.6% Fib channel. If this happens multiple times, it could indicate that bullish control is weakening, potentially leading to a drop to the breakout level of $0.00000816 for the Shiba Inu price.
As the RSI level continues to hold momentum and surges to the overbought region, bulls are again attempting to send the price above $0.0000088 to trigger another skyrocketing surge. This implies that the market sentiment is still positive and that bulls are capitalizing on the dips. This could increase the likelihood of breaking through the resistance overhead, potentially pushing the price toward $0.0000091 and then to $0.00001.
