As the cryptocurrency market regains momentum, so does the memecoin market. Reportedly, Shiba Inu price has added 17.43% to its valuation over the last 7 days. This suggests a rising interest of investors toward the trend-based memecoin segment.
While marketers now speculate a potential memecoin mania around the corner, many remain skeptical about the future of these projects. This comes as this specific segment is widely known for its volatile nature and the highest rate of manipulation and pump-and-dump schemes.
However, over the years, some projects have established a strong fundamental value and play a key role in their respective ecosystems. Considering this, investors are wondering if this is the right momentum to invest in the meme coin market? Let us now understand the short-term Shiba Inu price analysis.
SHIB Memecoin Records A Major Breakout Today!
Despite the increased volatility, the Shiba Inu price today has reclaimed the $0.000013 mark. This meme coin has experienced a massive jump of 61.67% in its intraday trading volume to $322.59 million. Moreover, with a market capitalization of $8.05 billion, SHIB meme coin is currently the 16th most-valued crypto asset in the world.
The EMA 50-day has successfully displayed a positive crossover in the daily time frame. Moreover, the EMA 200-day acts as a strong resistance around the $0.00001658 mark. This highlights a high possibility of a positive action during the upcoming time.
On the other hand, the Stoch RSI has breached the overbought range in the daily time frame. While the averages hover around the 99.78 level, it shows a bullish convergence, suggesting that this meme coin could continue its upward trajectory this weekend.
How High Will Shiba Go?
If the cryptocurrency market continues favoring the bulls, this could result in the SHIB meme coin price heading toward its immediate resistance level of $0.000015. Furthermore, if the bulls dominate the crypto space at that point, the 2nd largest memecoin could retest its upper high of $0.000018.
On the flip side, if the bears outrun the bulls, the price of Shiba Inu could retest its support of the descending channel trendline. Moreover, if the bulls fail to regain power at that point, this may pull its value toward its lower support of $0.00001025 this month.
Also Read: Shiba Inu Price Breaks Major Resistance! $0.00020 Imminent?
