Shiba Inu Price Dips Despite 208% Volume Spike, Can SHIB Break Its Previous ATH This Bull Cycle?

June 19, 2024 at 11:14 AM GST 2 mins read News

Shiba Inu surged over 100% after breaking major resistance, despite the broader cryptocurrency market downturn.
SHIB trading volume spiked 208.39%, reaching $603,475,407 in 24 hours.
Despite high trading activity, SHIB’s price fell 11.28% in 24 hours, 19.42% in 7 days, and 27.05% in 30 days.

Investor interest has recently grown in Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency by market capitalization. Since breaking through a significant resistance level, Shiba Inu’s value has increased by over 100% despite the current downturn in the cryptocurrency market.

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A prominent cryptocurrency trader has issued a bullish prediction for the Shiba Inu. Based on his analysis, the recent surge in the price of cryptocurrencies points to a possible increase in value. Since escaping its prior resistance trend, the price of Shiba Inu continues to climb up over 100% consistently.

$SHIB (Shiba Inu)'s price is still up over 100% since breaking out of the displayed resisting trend which can be letting us know that a RUN is IN-EFFECT!

With prices being broken out, the target is at $0.000081, meaning another +294% upside from here to reach it can take place… https://t.co/768GdhkTAk pic.twitter.com/pVoXrcqkBE
— JAVON⚡️MARKS (@JavonTM1) June 17, 2024

According to his analysis, the recent trend points to an ongoing upward trajectory. Shiba Inu could rise 294% from its current levels to its target price of $0.000081. An increasing number of investors have expressed interest in this forecast as they see the recent decline as a potential strategic entry point.

Shiba Inu saw a sharp rise in trading volume on Tuesday at 12:59 a.m. ET, increasing to $603,475,407 in a single day. This indicated a 208.39% rise in trading activity. Shiba Inu’s price fell 11.28% over 24 hours despite the increase in trading volume. In addition, the cryptocurrency’s value dropped to $0.00001818 over the previous 30 days and 19.42% over the previous seven days.

According to the most recent data from CoinMarketCap, the market capitalization of Shiba Inu is $10,716,961,252, and its circulating supply is currently 589,271,366,708,464 SHIB. These numbers highlight the high degree of unpredictability as well as potential risks in investing in Shiba Inu.

The recent performance of Shiba Inu has caused quite a lot of speculation among cryptocurrency investors. Despite the current market slump, optimism has been generated by a prominent trader’s prediction of a 294% upside. The high volatility of Shiba Inu prices, however, highlights the need for crypto investors to be familiar with market trends and take extreme caution when investing.