Shiba Inu Price Prediction as SHIB Trading Volume Blasts Past $100 Million

The Shiba Inu rate is in the process of validating an essential bullish sample, in all likelihood to send it up sixteen.25% from the breakout point to $0.00001208. As previously mentioned, the second-biggest meme coin rebounded after tagging assist at $0.000000960.

Shiba Inu Price Eyes A 16% Move Amid A Trading Volume Blast

Shiba Inu's trading volume zoomed past the $100 million mark, brushing shoulders with $130 million over the past 24 hours. The surge in quantity across exchanges comes simply days after the tech giant Google introduced help for SHIB payments following a strategic partnership with Coinbase.

According to stay charge facts from CoinMarketCap, SHIB's buying and selling extent is up 19.29%. Centralized exchanges (CEXs) account for $133 million of the volume, with decentralised exchanges (DEXs) bringing in only $2 million.

Shiba Inu Price Prediction: Forecasting A Sustainable Bullish Move

An inverse head-and-shoulders (H&S) pattern on the 4-hour chart could be the reason behind the high buying and selling volume. This relatively bullish sample often ends in a bullish trend reversal.

The left shoulder (valley) appears first, accompanied by a longer valley (head), and the sample matures with a second better valley (shoulder). Traders commonly look for lengthy positions while trading this sample. Its breakout goal is the distance between the pinnacle and the neckline.

Shiba Inu Fee is now buying and selling slightly below the neckline resistance. A ruin above that same level is essential to ascertaining the validity of the trend.

Meanwhile, the 50-day SMA (Simple Moving Average) is in line to offer SHIB instant support at $zero.00001030. The MACD (Moving Average Convergence Divergence (MACD) dons a purchase sign on the same four-hour chart. In other words, a bullish final result is probably based totally on those indicators.

The MVRV (marketplace price realised cost), an on-chain metric via Santiment, indicates that buyers consider SHIB to be in a purchase quarter. An MVRV studying beneath the imply line (zero.00) infers that the Shiba Inu fee is undervalued.

With that in mind, buyers are unlikely to promote until the MVRV returns above the mean line. In different phrases, there's a higher possibility that the call for will grow, and SHIB will flow north to validate a sixteen.25% breakout to $0.00001208.

Shiba Inu IOMAP chart

From the above chart, Shiba Inu price recovery could fade at $0.00001100. Approximately 23,200 addresses purchased 67.33 trillion SHIB tokens around this area. As the price recovers, these holders may sell to breakeven, which builds downward pressure. 

Meme Coin Alternative: Tamadoge (TAMA)

Given Shiba Inu's large supply, holders will likely be waiting a long time for SHIB to hit $1 per coin. 

An alternative project, Tamadoge has a 275,000x smaller circulating supply, meaning TAMA requires much less effort to reach $1 than other meme coins on the market, including even DOGE.

Analysts believe that Tamadoge is still one of the best-positioned meme tokens on the market due to its popular NFT drops and upcoming Metaverse projects.