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Shiba Inu (SHIB) Trading Volume Responds With 50% Jump as Price Considers Next Move

Mon, 02/13/2023 - 11:06
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Tomiwabold Olajide
Rare occurence emerging on SHIB price chart
Shiba Inu (SHIB) Trading Volume Responds With 50% Jump as Price Considers Next Move
Cover image via stock.adobe.com

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Shiba Inu trading volume jumped nearly 50% as traders weighed the possibility of SHIB's next price move. 

According to CoinMarketCap data available at the time of writing, 33,495,255,213,211 SHIB worth $415,461,500 have been swapped in the last 24 hours.

Trading volume, which refers to the amount exchanged by buyers and sellers, can often be used to gauge investors' or traders' positioning.

At the time of publication, SHIB was down 4.53% in the last 24 hours, trading at $0.00001243. This is in line with the present crypto market decline brought on by concerns about the U.S. crypto crackdown.

Price considers next move as rare pattern emerges

The moving averages (MA) 50 and 200 on the SHIB daily chart are set to converge and may cross this week or next. As SHIB has never experienced a crossover on its daily chart, this is a rare occurrence.

Related
Shiba Inu Price Drops 24% Within a Week as Death Cross Forms

Crossovers have previously been seen on SHIB's hourly and even four-hour charts, but not on its daily chart.

Traders' focus is now on the crossover, which might provide bullish or bearish indications. Two possibilities could exist: first, there is the so-called "golden cross," which happens when the MA 50 crosses over the MA 200 and is seen by analysts and traders as indicating a clear upward shift in the market.

Second, a "death cross" is a chart pattern that occurs when the MA 50 drops below the MA 200 and signals a long-term bear market. The daily RSI is barely over the neutral 50 level, indicating that both bulls and bears are waiting to take a lead on the market.

The formation of a positive crossover on the four-hour chart might lend credence to bulls, but the general market trend is seen to play a bigger part in determining SHIB's next price move.

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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.