Will Bullish Momentum Sustain Amid Market Volatility?

Shiba Inu Coin has recently made headlines in the cryptocurrency sector due to its impressive performance, with a notable price increase over the past month. Overcoming the resistance level of $0.00003, this meme-based digital asset has displayed considerable bullish momentum. Despite a recent minor setback in its price, currently at $0.00003026, marking a 2% decrease from the day before, the currency’s upward trajectory in the market remains strong.

Shiba Inu Coin Sees a Dip After Impressive Monthly Surge

March began on a high note for Shiba Inu (SHIB), as it reached new highs for 2024. However, this upward trend experienced some fluctuations. After undergoing corrections and showing signs of recovery, the meme coin now hovers at a pivotal price point, hinting at potential future gains.

SHIB stands as the 12th largest cryptocurrency, according to CoinMarketCap, With a market capitalization of $17.88 billion. Despite a 39% fall in its 24-hour trading volume, now at $811.03 million, the sustained enthusiasm among its traders and investors is evident, reflecting a continuous interest in its performance.

In the last two months, Shiba Inu’s price has skyrocketed by 120%, fluctuating between $0.00001 and just over $0.000032. This significant price increase signifies strong investor confidence amid market volatility

In the past week, SHIB has seen an additional 10% increase in its value. Such aggressive buying patterns suggest a bullish sentiment among investors, mirroring the trends observed in other meme coins like WIF, DOGE, and PEPE.

Currently, Shiba Inu faces a crucial resistance level at $0.000033. Surpassing this threshold could lead to a potential increase towards $0.000039, possibly setting new records by reaching $0.00005.

Conversely, if the market experiences a downturn, SHIB could retract to its support level of $0.00003. A more pronounced bearish sentiment could see its value decrease to $0.00002 or even below $0.00001, presenting a challenging scenario for the cryptocurrency.

Notably, Shiba Inu (SHIB) whales have been active, engaging in substantial transactions. According to Whale Alert on X (formerly Twitter), a massive transfer of 2 trillion SHIB from one Kucoin wallet to another was recorded amidst controversies surrounding the exchange.

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The destination wallet has since been dispersing these tokens among various wallets, though the purpose of these transfers remains unclear.

SHIB/USD daily price chart: Tradingview

The Relative Strength Index (RSI) of SHIB is currently at 58, approaching an overbought condition. The Moving Average Convergence Divergence (MACD) indicates a slowing momentum, hinting at a potential cool-down period after its recent peak. Moreover, the convergence of the 20 Exponential Moving Average (EMA) towards the 50-EMA suggests an anticipated upward trend for SHIB in the near future.