Shiba Inu (SHIB) experiences notable price recovery amidst a market upturn, with a focus on trading volume, resistance levels, and historical data. Bitcoin and Ethereum also make gains, alongside the rise of altcoins like Solana and Ripple. Pawfury (PAW) emerges as a new investment opportunity with high-yield prospects and attractive bonus incentives for early investors.
Shiba Inu Sees Significant Gains Amid Market Rebound
Shiba Inu (SHIB) is leveraging a convergence of market patterns for a significant price recovery. The cryptocurrency has gained 19.68% over the past seven days, making it the second highest weekly gainer among the top 15 cryptocurrencies by market cap.
However, the upward movement has not been supported by a corresponding increase in market activity. According to market data, SHIB’s 24-hour trading volume averaged $262 million this past week, which is below expectations during an uptrend. In comparison, its trading volume during a peak period in early March was around $7 billion.
Historical data suggests that significant price spikes in SHIB typically occur when both volatility and active addresses increase together. For instance, in May 2021 and October 2021, simultaneous rises in these metrics resulted in substantial price spikes. Currently, while volatility has spiked, active addresses remain low.
To regain its previous high of $0.000045, Shiba Inu must overcome several resistance levels. Particularly notable are the resistance walls at $0.000025 to $0.00003, and $0.00003 to $0.000036. A 129% increase from its current price of $0.000019 would be required to reach this target.
The surge in SHIB’s value aligns with broader market trends, with Bitcoin nearing $65,000. Additionally, advancements in Shibarium, Shiba Inu’s layer-2 blockchain solution, and significant whale transactions are contributing factors to the recent gains.
Shibarium has seen a 25% increase in active accounts and a 35% rise in daily transactions recently. Major investors, or “whales,” have also been active, with aggregated daily volume exceeding $35 million.
The overall market rebound has impacted other cryptocurrencies as well. Bitcoin briefly surpassed $65,000, while Ethereum reclaimed the $3,400 mark. Other altcoins, including Solana (SOL) and Ripple (XRP), have also seen positive gains.
Solana, for instance, has shown notable volatility and is currently trading at $152.12 with predictions suggesting it could potentially reach $1,000 based on current market sentiment and historical growth trajectories.
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While the market conditions remain cautiously optimistic, the performance of SHIB and other cryptocurrencies depends on sustained trading volumes and renewed investor interest. Pawfury (PAW) also adds to the diverse range of profitable investments, making it an appealing choice for savvy investors looking for high-yield opportunities.
