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Shiba Inu (SHIB), the dog-themed meme coin, has recorded a massive spike in its volume over the last 24 hours, as activity on the cryptocurrency market picks up. The meme coin has also seen a price uptick within the same time frame.
SHIB technical indicators flash bullish signal
According to data from CoinMarketCap. The trading volume has jumped by 51.58% to $519.18 million. This follows increased activity around Ethereum after the price breached the $3,000 resistance level.
Notably, Shiba Inu benefits from the Ethereum network effect, which has been evident in the last few months in the broader crypto momentum.
Shiba Inu’s price has also started an upward climb, moving from a low of $0.00001368 to an intra-day high of $0.00001479. As of press time, Shiba Inu is trading at $0.00001441, representing a 5.16% increase.
SHIB’s technical indicators show that the meme coin has flipped its seven-day and 30-day moving averages, confirming a bullish trend. With the current momentum, Shiba Inu is likely to continue on an upward trajectory.
However, SHIB needs to avoid the overbought trap and stick with the ecosystem’s deflationary mechanism. If it maintains the burn rate amid soaring prices, Shiba Inu could break out to the next resistance level.
Can Shiba Inu reclaim $0.000020?
Shiba Inu has the potential to retest the $0.000015 level if the ecosystem can sustain its current momentum. However, most investors are keen on Shiba Inu reclaiming $0.000020, a price level the meme coin slipped from since January 2025.
This optimism stems from the notable shift in the meme coin’s momentum, which occurred just a few days ago when trading volume dropped by over three billion SHIB. The ecosystem appears to have found stability and may push for higher levels.
Meanwhile, Shiba Inu’s Bollinger Bands are also teasing bullish signals. As reported by U.Today, this development could trigger a 20% spike in price gains that may ultimately fuel SHIB’s retest of the $0.00002 price level.
Vladislav Sopov
U.Today Editorial Team