Market Insights: Shiba Inu Flashes Bullish Signals, Primed for Surge

April 5, 2024

Shiba Inu recently emerged as a focal point of investor attention as it showcased promising signs of bullish momentum. With key market indicators flashing positive signals, the native token of the Shiba ecosystem appears to be primed for a remarkable surge in the future.

In a recent announcement on the social media platform X (formerly Twitter), social intelligence firm LunarCrush shed light on the bullish signals emanating from Shiba Inu, underscoring the dog-themed altcoin’s robust positive momentum.

One standout bullish signal for Shiba Inu is its impressive LunarCrush AltRank of 2. This proprietary ranking system evaluates the overall performance and sentiment of cryptocurrencies using a range of data points. Remarkably, data from the platform revealed that SHIB has surged from the 98th position to its current #2 spot, marking a remarkable leap over 96 places.

Furthermore, Shiba Inu experienced a notable 3.7% uptick in social sentiment and an 8.5% rise in social dominance within the past 24 hours. However, when it comes to social interactions, the cryptocurrency witnessed a 19% decrease, accompanied by a 9.9% decline in the number of posts and a 12.4% dip in creator activity.

LunarCrush also highlighted Shiba Inu’s accelerating market volume as another bullish signal that could push the crypto asset to surge soon.

When a crypto asset’s market volume surges, it signifies a substantial increase in the total amount of the cryptocurrency being traded within a specific timeframe, often measured in terms of trading volume.

This uptick in market volume typically leads to several implications for the crypto asset, which include enhancing liquidity and facilitating easier buying or selling of the cryptocurrency without significant price slippage. From a technical analysis perspective, trading volume serves as a crucial indicator to assess the strength and direction of price trends, with high volumes validating or invalidating technical patterns and signals.

The platform further highlighted Shiba Inu’s ascending price action as another bullish indicator poised to propel its value to unprecedented levels. In recent weeks, SHIB has demonstrated remarkable price resilience, swiftly rebounding even after experiencing periods of trading in the red zone.

This aligned with the analysis made by a Trading View crypto analyst, operating under the handle MBM_Crypto, who revealed that Shiba Inu had notably exceeded its resistance trendline. This pivotal technical achievement, which occurred earlier in March, served as a compelling signal of the cryptocurrency’s sustained bullish momentum.

As of 7:19 a.m. ET on Friday, Shiba Inu was trading at $0.00002669, accompanied by a notable trading volume of $740,844,068, marking a significant 24.39% increase over the past 24 hours. Despite this recent surge in trading volume, SHIB’s current price reflects a slight 0.69% decline for the day, a more substantial 13.78% drop over the past week, and a notable 33.75% decrease over the last 30 days.

According to the latest data from CoinMarketCap, Shiba Inu boasts a market capitalization of $15,728,276,390 and has a circulating supply of 589,289,410,812,691 SHIB tokens.

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