Shiba
Inu
is
up
by
7%
in
the
past
24
hours
amidst
an
uptick
in
the
meme
coin
market,
coming
ahead
of
Dogecoin
at
this
time.
The
meme
coin
niche
has
witnessed
a
strong
resurgence
in
the
past
day,
with
the
entire
niche
up
by
7.82%.
Shiba
Inu
has
particularly
done
well
and
witnessed
a
strong
volume
of
interest
amidst
this
uptick.
Interestingly,
this
uptick
in
volume
for
SHIB
has
surpassed
DOGE,
with
on-chain
data

suggesting
SHIB
could
do
better

in
the
short
term.
At
the
same
time,
crypto
analyst
Ali
Martinez
has
revealed
a
phenomenon
that
could
lead
to
a
20%
upswing
for
SHIB.

 

Shiba
Inu
Volume
Flips
Dogecoin

Data
from
Coinmarketcap

shows
that
Shiba
Inu
has
witnessed
a
trading
volume
increase
of
320%
in
the
past
24
hours.
The
metric,
on
Dogecoin’s
side,
was
an
increase
of
160%.
The
crypto,
which
has
been
trading
inside
a
descending
channel
for
a
while,
is
now
appearing
to
make
a
push
above. 

Related
Reading:

Analyst
Who
Predicted
Solana’s
1,100%
Move
Reveals
Where
The
Altcoin
Is
Headed
Next

Although
current
data
from
analytics
platform
IntoTheBlock
(ITB)
suggests

DOGE

is
still
holding
on
for
a
longer-term
overperformance
over

SHIB,
SHIB
is
starting
to
position
itself
to
outperform
DOGE
in
the
short
term
on
a
cost
basis.
According
to
ITB’s
holding
by
time
metric,
DOGE
has
seen
a
1.86%
increase
in
the
number
of
holders
in
the
past
30
days,
compared
to
a
0.43%
increase
for
SHIB.
ITB
terms
holders
as
passive
investors
that
have
held
the
asset
for
more
than
one
year. 

However,
the
number
of
cruisers
(investors
holding
between
1
to
12
months)
flips
the
short-term
interest
in
the
favor
of
SHIB.
As
of
this
writing,
SHIB’s
cruisers
have
increased
by
+5.69%
in
a
30-day
timeframe.
The
metric,
on
DOGE’s
side,
shows
a
2.44%
decrease.

SHIB
To
Breakout
Of
Parallel
Channel

The
recent
increase
in
volume
and
short-term
activity
suggests
that

SHIB
is
ready
to
break
out

of
a
descending
parallel
channel
of
lower
highs.
As
pointed
out
on
social
media
by
crypto
analyst
Ali
Martinez,
SHIB
has
been
trading
in
a
descending
parallel
channel
since
the
last
week
of
April.
Current
price
action
shows
SHIB
is
now
at
the
upper
end
of
the
descending
and
is
at
a
critical
junction
for
a
breakout
or
reversal. 

 

Related
Reading:

Analyst
Points
Out
Level
To
Beat
If
Bitcoin
Is
To
Reach
$76,000

According
to
the
analyst,
a
breakout
from
this
channel
at
$0.00002444
could
lead
to
another
20%
upswing
to
$0.00002954.
The
price
target
serves
as
the
highest
point
of
the
descending
channel
under
consideration.
A
further
surge
could
see
SHIB
returning
back
to
the
$0.00003
price
territory. 

If

#ShibaInu
breaks
the
upper
boundary
of
this
descending
parallel
channel
at
$0.00002444,

$SHIB
could
witness
a
20%
upswing
to
$0.00002954!

pic.twitter.com/z5qBKiiyNy

—
Ali
(@ali_charts)

May
13,
2024

At
the
time
of
writing,
SHIB
is
trading
at
$0.0000236.
Failure
to
break
above
$0.00002444
could
send
the
cryptocurrency
back
down
as
far
as
$0.0000211.

Featured
image
from
MARCA,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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