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Shiba Inu (SHIB) Posts Surprising Price Gains as Market Declines

Sat, 07/15/2023 - 09:48
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Tomiwabold Olajide
Shiba Inu (SHIB) records unexpected price increase despite market drop
Shiba Inu (SHIB) Posts Surprising Price Gains as Market Declines
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Dog-themed cryptocurrency Shiba Inu is posting surprising gains in the last 24 hours despite the market recording losses. Shiba Inu is depicting a rare decoupling move as profit-taking is causing several cryptocurrencies to trade in the red.

At the time of writing, SHIB was up 4.49% in the last 24 hours to $0.00000826. The token is also up 12.92% in the last seven days.

The crypto market received a positive boost on July 14 after a judge ruled that XRP, being a digital code, is not a security. The news lifted hopes in the market as crypto investors exhaled a sigh of relief that other altcoins may not be considered securities after all.

As was to be expected, the market is experiencing losses as investors took profits after yesterday's increase. Big winners in yesterday's rally, such as XRP, Stellar (XLM) and Cardano (ADA), are recording losses. The total crypto market capitalization is currently down 2.35% to $1.22 trillion.

Shiba Inu has retained its gains, presently trading higher against a backdrop of several crypto assets that are trading in the red.

Shiba ecosystem official Lucie draws attention to Shiba Inu's interesting price move on Twitter, saying, "Bull run near."

What's next for SHIB price?

Shiba Inu has surpassed the key barrier near the daily MA 50 at $0.0000077, which has been impeding its price increase for weeks.

Bulls subsequently took on the $0.000008 psychological level, where 26,330 addresses purchased 14.72 trillion SHIB. Today's price increase, which will be the third day in a row it has occurred, reached intraday highs of $0.00000853.

Shiba Inu (SHIB) Whales on Move as Transaction Volume Spikes 361%

That said, SHIB faces its next barrier at $0.000009, where 23,380 addresses purchased 11.5 trillion SHIB. The RSI has crossed into the positive 60 levels, giving buyers an advantage.

However, if profit-taking occurs, SHIB might target the $0.0000077 level as an intermediate support.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.