Shiba Inu (SHIB) has been exhibiting some bullish movement in the market, and the market as a whole has moved towards a big upward trend, which has resulted in an increase in the price of SHIB. The memecoin has now moved into the top 10 by trading volume among the top 100 ETH whales during the last twenty-four hours.
It’s possible that the inability of Shiba Inu (SHIB) to fall below $0.000007 enticed short sellers to book gains and aggressive bulls to begin purchasing. It’s possible that this was the cause of the significant uptick on June 21.
Traders were able to drive the price over the 20-day exponential moving average ($0.000010) but were unable to overcome the resistance at the 50-day simple moving average ($0.000012). This provides evidence that bears are waging a vigorous defense of the level.
The price of SHIB has moved beyond the $0.000001050 level today due to a strong rise that the price has been experiencing since yesterday, June 22. In addition, the cryptocurrency has upward potential and is now following an upward trend.
According to data by CoinMarketCap, SHIB is presently trading at $0.00001025 and has up 5.22 percent in the last 24 hours while increasing 25.77 percent in the previous seven days. SHIB is presently positioned as the 15th-largest cryptocurrency and has a current market valuation of $5,620,520,263.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
