Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer”, has taken the crypto market by storm in recent days, with the price skyrocketing to new levels. But as with all things in the volatile memecoin market, the rally is starting to show signs of slowing down. Amid the optimistic anticipation of Shibarium’s debut, the recent slowdown in price appreciation has left investors and enthusiasts speculating about a possible rebound rally and an opportunity to buy during the dip.
Shiba Inu’s trading volume is increasing
In a positive turn for the meme coin sector, Shiba Inu is witnessing a significant increase in its price movement. A major driver behind this remarkable upswing is an increase in trading volume. This influx of funds into the Shiba Inu market indicates renewed investor interest, possibly signaling a return of bullish momentum.
SHIB’s recent rise provides a compelling contrast to the challenges of the wider market, characterized by scams and back-pull incidents involving other meme coins such as BALD and PEPE. Although these tokens have experienced drastic price drops, Shiba Inu has managed to maintain a certain amount of stability.
Recently, Shiba Inu unveiled its latest product, ShibariumSSI, a platform focused on Self-Sovereign Identity (SSI). This move, aimed at improving user control over digital identities amid growing data privacy concerns, has fueled confidence in the project.
In addition, Binance has announced an expansion of its Flexible Loan and VIP Loan services, now including more collateral and lendable crypto assets. In particular, the meme coin Shiba Inu is one of the newly added collateral options. As Shibarium is about to launch in August, investors are likely to push the meme coin upwards, achieving long-term bullish goals.
What’s next for the SHIB price?
The price of SHIB recovered from the 20-day EMA at 0.00000837 today, suggesting buyers are entering at lower levels. At the time of writing, SHIB’s price is trading at $0.00000865, up more than 4.5% in the past 24 hours.
However, the upside momentum failed to push the price past the resistance near $0.0000088. Capitalizing on this, the bears have again driven the price below the 23.6% Fib channel. If this happens multiple times, it could indicate that the bullish control is weakening, potentially leading to a drop to the $0.00000816 breakout level for the Shiba Inu price.
As the RSI level continues to hold momentum and climb into overbought territory, bulls are once again attempting to send the price above $0.0000088 to spark another skyrocketing surge. This implies that market sentiment is still positive and bulls are benefiting from the dips. This could increase the chances of breaking resistance, potentially pushing the price to $0.0000091 and then to $0.00001.