Shiba Inu’s meteoric rise: Analyzing the reasons behind rally

In a surprising turn of events, Shiba Inu gained 18% market value in one week. The news was unexpected, given the lack of remarkable news surrounding SHIB.

The meme coin reached as high as 0.0000105 dollars over the weekend. After multiple bullish attempts, the price slippage hints toward an upcoming tough period. A major reason behind this can be that the price has met the 200-day moving average.

This may have triggered a psychological profit-earning zone among traders. Seeing the uncertainty surrounding the token, most traders are looking for a precise Shiba Inu coin prediction

SHIB is currently trading around $0.000009744, showing an 18%+ growth in the past 7 days. However, the concurrent price is highlighting a 2.26% dip in the past 24 hours. This recent dip reflects SHIB’s minor momentum pullback, as witnessed in the RSI.

Thus, the meme token is strongly resisting the selling pressure for now. However, SHIB has several crucial plans upcoming this year. That is why the coin should be looking to reclaim its yearly peak of $0.0000150.

As for the reasons why the SHIB token achieved the recent surge, two possible factors come into play. The first is BitPay introducing card payments via SHIB, and the second is the announcement of Shib SSI with Shibarium.

The former witnessed BitPay officially allowing users to pay mortgages, rent, credit card bills, personal loans, car payments, and more using Shiba Inu. The latter involved Shiba Inu’s announcement related to its Sovereign Identity or SSI, expected to simplify the complex Shib ecosystem.

With the Shibarium mainnet launch on the cards, these factors played a role in SHIB’s unexpected market surge recently.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button