Shiba Inu has jumped 14.6% to $0.00001231 at the time of writing. The meme coin is one of the top gainers among the top 20 largest cryptocurrencies by market cap. Over the past week, SHIB has gained by around 22%.
Shiba Inu price analysis
Shiba Inu is following a similar trend seen with most meme coins over the past few days. Meme coins have had a hard time dealing with the bear market this year, but the notable price gains seen during the past day have led to some losses being recovered.
In the last 24 hours, SHIB traded between $0.0000107 and $0.00001270. SHIB’s trading volumes have increased substantially to $1.4 billion during this time. The bullish sentiment across the broader market could see an influx of buyers pushing SHIB’s price higher.
If SHIB maintains the rally, it could likely test the resistance at $0.00002. The meme coin community is currently actively buying because of the news of Elon Musk purchasing Twitter. If this bullish sentiment continues being in play amid an FOMC rally, SHIB could continue recording double-digit gains in the coming days.
Shiba Inu has a Relative Strength Index of 54, which places the meme coin in neither the overbought nor the oversold territory. The notable gains made during the past 24 hours have not influenced a lot of buying pressure, which raises the chances of the current bull run being sustained.
Crypto analysts have also gone bullish on SHIB. Gigantic rebirth, one of the analysts that predicted Bitcoin’s last ATH and the crash of Terra, predicts that SHIB will rally higher as the DOGE/SHIB trading pair reverses. The DOGE/SHIB pair has been strong amid a notable pump in the largest meme coin.