Shiba Inu Skyrockets 37% in Volume, Will SHIB Price Rebound?

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As a seasoned cryptocurrency market analyst with years of experience observing and analyzing various digital assets, today’s downturn in the crypto market and Shiba Inu (SHIB) specifically, piqued my interest. I have seen numerous market fluctuations throughout my career, and this latest dip is no exception.

Today, the crypto market experienced another decline, and Shiba Inu (SHIB) was among those affected. The total market capitalization decreased by approximately 4.4%, amounting to a current value of around $2.31 trillion. This drop suggests that bears have been dominating the market’s movements today.

Shiba Inu, a widely-used meme cryptocurrency, currently faces a grim landscape. At present, the value of SHIB has decreased by 5.78% to $0.0000163. Over the past month, its price has dropped by as much as 6.07%. Consequently, the market capitalization of SHIB now stands at $9.6 billion, reflecting a pessimistic outlook among investors.

SHIB’s rebound scenario

As an analyst, I’ve noticed that despite the recent dip in Shiba Inu’s price, the community remains optimistic about a potential rebound. In fact, there are strong indications of recovery based on the data from CoinGlass. Specifically, SHIB has experienced a significant surge of 37.11% in its trading volume.

At the present moment, the total volume stands at approximately $163.62 million. A significant portion of this can be attributed to crypto exchanges – OKX contributes around $74 million, Bitget adds about $40 million, and BingX accounts for close to $30.05 million. The remaining volume originates from various other trading platforms.

I’ve analyzed the data and found that not only is the trading volume for Shiba Inu increasing, but there’s also heightened activity on all major exchanges. Furthermore, traders have been actively purchasing during today’s price decline, suggesting a potential accumulation trend. This trend could fuel a bullish momentum in the market. Currently, the RSI of Shiba Inu hovers around 41.

In an uptrend, the RSI of most cryptos usually stays within the 40 to 90 range. This 40 to 50 range holds significant importance as robust support. With SHIB currently hovering around this support level, it hasn’t yet signaled a shift into a bearish phase. The general upward trend remains intact despite today’s price downturn.

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2024-07-25 17:50