- The popular meme token, Shiba Inu (SHIB), has risen slightly in the past 24 hours.
- SHIB broke out of a classic bearish chart pattern called a descending triangle.
- The RSI is also above the RSI SMA line, indicating that SHIB has turned slightly bullish on the 3-hour timeframe.
The popular meme token, Shiba Inu (SHIB), rose slightly in the past 24 hours to $0.00001181, according to CoinMarketCap.
The price of SHIB however is still down over the past 7 days, dropping around 3.79%. The 24-hour price movement of SHIB could be a temporary break from the trend seen over the past week for the meme token.
The price of SHIB has also strengthened against Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours by around 1.28% and 1.71% respectively at the time of writing (10 :45GMT+2). Currently, SHIB is worth approximately 0.000000000401 BTC and 0.000000005972 ETH.
Ranked number 16 in CoinMarketCap’s list of largest cryptocurrency projects by market capitalization, SHIB’s market capitalization currently stands at $6,487,193,411. SHIB’s daily trading volume decreased slightly over the past day with a decline of 6.42%, and the 24-hour trading volume stands at approximately $273,055,519.
SHIB broke out of a classic bearish chart pattern called a descending triangle. Following the breakout of the pattern, the price of SHIB showed a slight gain in the last 24 hours. It is not yet confirmed whether the SHIB will continue its upward movement or not. However, it seems that it will not go down in the next few hours if we look at the 4-hour chart.
The RSI is also above the RSI SMA line, indicating that SHIB has turned slightly bullish in the short term. Another factor to keep in mind is that the SHIB community is still burning tokens. If token burning continues and trading activity remains relatively stable, we could see SHIB gradually increase.
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Alm Maye has been a trader and analyst since 2013. He is an expert in equity markets, Forex and cryptocurrencies. He is the creator of Almvest.com and Imveste.com, two sites dedicated to personal finance. He participates in the development of feature articles on specialized sites such as Actions-boursieres.fr, as well as the international network of Finixio.com.