Crypto Market Update: Why Shiba Inu Coin Price Is Surging Today

By / / Crypto News, Daily News
Crypto Market Update: Why Shiba Inu Coin Price Is Surging Today
Table Of Contents
  1. Crypto Market Overview & Shiba Inu’s Breakout
  2. Shiba Inu Coin Price Skyrockets by 15%
  3. Technical Analysis: SHIB Breaking Out from Bullish Patterns
  4. Market Sentiment: Fear Subsiding, Optimism Rising
  5. Final Thoughts: Is This the Start of a Bigger Rally?

Crypto Market Overview & Shiba Inu’s Breakout

The global cryptocurrency market cap saw a modest increase, reaching $2.89 trillion, reflecting a 1.19% gain in the past 24 hours, according to CoinMarketCap. However, overall market trading volume dropped by 5.29%, standing at $75.97 billion. Here’s how key sectors performed:

  • DeFi Trading Volume: $5.6 billion (7.38% of total market activity)
  • Stablecoins Trading Volume: Dominating at $71.36 billion (93.93% of total activity)

Despite this calm market appearance, Shiba Inu (SHIB) stole the spotlight with a 15% price jump, outpacing many of its competitors. Let’s dive into what drove this rally.

Shiba Inu Coin Price Skyrockets by 15%

As per CoinGecko, Shiba Inu (SHIB) surged to $0.00001549, marking a 15.28% daily gain. The sudden price jump pushed SHIB up the rankings:

  • Market Cap: Now at $9.12 billion, surpassing SUI and HBAR.
  • 24h Trading Volume: Soared 105.96% to $448.46 million.
  • Burn Rate: 1,781,989 SHIB tokens were burned in the last 24 hours, reducing supply.

Technical Analysis: SHIB Breaking Out from Bullish Patterns

The SHIB/USDT daily chart presents a falling wedge breakout, a classic bullish setup. Key observations:

  • Price has surpassed the 50-day EMA, signaling strong upward momentum.
  • A close above resistance could push SHIB toward the $0.000025 range.
  • MACD Indicator: Bullish crossover detected, confirming increasing momentum.
  • Histogram: Flipped green, signaling further upside potential.
  • RSI: At 64.71, nearing the overbought zone but still within healthy growth levels.
  • Trading Volume: 2.96 trillion SHIB exchanged today, reinforcing the breakout’s strength.

Market Sentiment: Fear Subsiding, Optimism Rising

The Crypto Fear & Greed Index from Alternative.me now stands at 47 (Neutral), improving from 46 yesterday and a Fear rating of 32 last week. This trend suggests growing confidence in the market, reducing panic-driven selling and encouraging bullish activity.

Final Thoughts: Is This the Start of a Bigger Rally?

Shiba Inu’s surge isn’t just hype—it’s backed by strong technical signals, increased burn rate, and improving market sentiment. While excitement is growing, traders should stay cautious, keep an eye on key resistance levels, and not get swept up in FOMO. A potential breakout beyond $0.000025 could trigger the next leg up, making SHIB one to watch closely in the coming days.

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