Shiba Inu (SHIB) has seen a mix of volatility and gains over the past week. Starting at approximately $0.00001591, SHIB initially faced a dip before rebounding into an uptrend. Over the last seven days, it climbed 2.55%, with its price reaching $0.00001631 at the latest update.
Market sentiment has been mostly positive, with SHIB’s market cap rising to $9.61 billion, reflecting a 2.68% increase. Even more impressive is the 24-hour trading volume, skyrocketing by 94.10% to $479.8 million. This surge suggests a spike in investor interest, potentially fueled by broader market movements and whale activity.
Price Swings: Volatility in Full Effect
SHIB’s weekly chart highlights its volatile nature. The price touched a low of $0.00001561 and a high of $0.0000173 in just 24 hours. This fluctuation signals strong buying and selling pressure, making it a prime asset for short-term traders.
7-days price chart- source: CoinMarketCap
Despite the gains, SHIB remains far from its all-time high of $0.00008845, recorded on October 28, 2021. Compared to that peak, the token is still down by 81.53%, proving that SHIB’s best days are yet to return. However, its all-time low of $0.00000000008165 in 2020 shows just how far it has come—boasting a staggering 20,014,254.57% increase from that point.
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One factor contributing to the recent uptrend is SHIB’s growing adoption and ecosystem developments. With rising trading volume and a positive sentiment shift, investors may be anticipating a breakout. Additionally, SHIB’s burn rate and upcoming ecosystem updates could be fueling renewed optimism.
Can SHIB Maintain the Momentum?
While SHIB is currently holding above $0.000016, it needs stronger buying pressure to break past resistance levels and sustain its rally. If bulls push the price above $0.000017, we could see a further climb toward $0.000018 or beyond.
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On the flip side, if bears regain control, SHIB could test support levels near $0.0000155. With the broader market showing resilience, the next few days will be crucial in determining whether SHIB continues its climb or retreats into consolidation.
The momentum is building, but for a true breakout, SHIB needs sustained buying interest. Will it rally higher, or is this just another tease? The coming days will tell.
