Shiba Inu Coin Eyes MASSIVE 129% Surge: What Investors Need to Know

Shiba Inu coin price is aiming to make a 129% surge, a high of May after the meme coin recovered from its low point of $0.00001473 and currently trading at $0.00001871. This sudden spike in the meme coin’s price restored hope among its investors, many of whom believe that the asset has a strong chance of rising further. 

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Understanding Investor Sentiment

Currently, SHIB’s market dominance stands below 13.5%, leading investors to hold rather than sell their positions. Known as the “Dogecoin killer,” Shiba Inu has recently demonstrated impressive gains, climbing 19% over the past week. This remarkable increase positions SHIB as the second-largest weekly gainer among the top 15 cryptocurrencies.

Despite the recent price uptick, buying interest in SHIB hasn’t kept pace, with trading volume averaging only $262 million over the past week. In contrast, during an earlier rally in March, which drove SHIB to a yearly high of $0.000045, trading volume surged to an astonishing $7 billion.

Key Indicators to Focus On

For SHIB to replicate its previous highs, a significant rise in trading activity and volatility is essential. Recent data from Santiment, a leading blockchain analytics firm, shows that while SHIB’s volatility recently peaked at a three-month high of 0.0574, the number of daily active addresses has remained relatively low, averaging just 3,974.

Historically, substantial price hikes for Shiba Inu have coincided with increases in both volatility and active addresses. A simultaneous rise in these factors, coupled with heightened volatility, could propel SHIB to new heights, reminiscent of the impressive gains seen in May and October 2021.

Breaking Through Key Levels

To achieve its target of a 129% gain, Shiba Inu needs to overcome several key resistance levels. Currently trading near $0.000019, SHIB aims to surpass the $0.00002 mark.

With strong market signals in play, SHIB is expected to navigate through resistance levels between $0.00002 and $0.000025, where a sell wall of 97,160 addresses stands. Clearing these barriers could pave the way for Shiba Inu to reach new heights, targeting the $0.000045 range.

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Shiba Inu: to the moon, or back to the doghouse? Only time will tell.