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Shiba Inu (SHIB) has witnessed major developments as clouds of uncertainty hover over the crypto market. The price movement of SHIB is also painting a dark picture as investors await a potential rebound. Nevertheless, it appears that the sentiment may start to shift in the coming days.
The 24-hour trading volume of SHIB, per CoinGlass, has witnessed a remarkable jump today. It has soared 56.12% to hit the $100.02 million level. This latest development has provided hope to the Shiba Inu community, which has been patiently waiting for a potential price rally from the meme coin.
Notably, SHIB is witnessing rising trading activity across all major crypto exchanges. Data reveals that $51.73 million of it comes from OKX, $18.32 million from BingX, $11.86 million from CoinEx and $6.51 from Bitget, among others. This means that investors are showing notable interest in the popular meme coin. Moreover, it further reveals that they have started to buy the dips.
What does it mean for Shiba Inu's price?
As of writing time, the price of SHIB has dipped 3.57% to $0.00001589 during the last 24 hours. Moreover, it has remained down 7.25% over the past 30 days. These figures show the current bearish sentiment on the market. It confirms that the Shiba Inu price has remained in a consolidation zone.
However, the rising trading activity suggests that market sentiment may be shifting from this point. Moreover, one major indicator suggests that a bull run may be on the horizon. Per TradingView, the RSI of Shiba Inu is at the 38.98 level. It should be noted that an RSI level around the 40 mark reflects neutral sentiment.
However, it also means that the sentiment is slightly shifting in favor of the bulls. Typically, an RSI in this zone means that the coin has confirmed its support level, and it is heading toward a potential upward trend. Overall, not all is lost for SHIB, and the market may witness a reversal soon.
Arman Shirinyan
Alex Dovbnya