Crypto Market Update: Shiba Inu Breaks Out While Other Meme Coins Struggle

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, is showing signs of a potential bullish trend after breaking out from a recent consolidation pattern, according to a technical analysis by prominent SHIB enthusiast, SHIB Knight.

$SHIB 👀 pic.twitter.com/nlcidTfEiD

— $SHIB KNIGHT (@army_shiba) July 8, 2024

The analysis reveals a breakout from a triangle formation on the SHIB/USDT chart. This pattern typically suggests a period of consolidation followed by a significant price move. SHIB Knight’s analysis projects a price increase of 0.00000451 USDT, which represents a 28.96% rise from the breakout point.

Current data supports the upward momentum for SHIB. This upward movement has sparked optimism among traders who are now closely watching SHIB’s next steps. The price target indicated by SHIB Knight’s analysis, if achieved, could result in substantial returns for investors.

Supporting this technical outlook, data from CoinMarketCap provides a comprehensive overview of SHIB’s market performance.

At press time, SHIB’s price stands at $0.00001664, marking a 2.36% increase over the past 24 hours. The market cap of SHIB has reached $9.81 billion, ranking it as the 13th largest cryptocurrency. This high market cap demonstrates the significant interest and investment in SHIB.

Moreover, SHIB has seen a trading volume of $526.39 million in the last 24 hours, a 13.71% increase. This high volume indicates robust trading activity and liquidity, essential factors for sustained price movements. SHIB’s circulating supply stands at 589.27 trillion tokens, with a total supply of 589.52 trillion tokens. Despite this vast supply, the price increase suggests strong demand.

The recent market performance of SHIB has been volatile, with prices dipping early in the day but recovering later. This recovery aligns with the bullish sentiment highlighted by SHIB Knight’s analysis. The market’s response to this recovery phase further reinforces the potential for a continued upward trend.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source