Shiba Inu Price Explodes 120%, Validating Analyst’s Longstanding SHIB Conviction – “It’s Time to Rejoice”
The price of Shiba Inu (SHIB) has skyrocketed over the past week, gaining over 120% to hit prices not seen since late 2021. As of writing, SHIB meme coin is trading around $0.00002132, up nearly 70% in the past 24 hours alone.
This massive surge in price has coincided with an influx of volume into the Shiba Inu markets. According to popular cryptocurrency YouTuber YourPOP, who has over 125k subscribers, SHIB is seeing $3 billion USD in daily trading volume – levels not witnessed since SHIB’s all-time high last year.
In his recent video, YourPOP remarked “We have not seen this kind of volume since 2021, guys, when we saw Shiba Inu hitting around $7 billion daily volume. Today, we’re seeing $3 billion, a lot of liquidity in the market coming into SHIB.”
YourPOP, who has been a long-time SHIB proponent, cites the project’s fundamental developments like its layer-two solution Shibarium as reasons for his continued conviction in the coin, despite enduring two years of consolidation.
In the video, he reflects “Everyone told me to give up…but I held on to my Shiba Inu because I knew another bull run would come, and SHIB would be victorious as it’s so much more than a meme. They built so much infrastructure.” With the price surge and return of robust volume, it seems YourPOP’s belief in SHIB’s long-term potential is being validated.
“I’ll be updating you as often as I can, put a smile on your face, it’s time to rejoice.” he concluded.
From a technical perspective, Shiba Inu does appear slightly overbought in the short-term. Its daily Relative Strength Index (RSI) is currently sitting at 69 – just above the overbought threshold of 70. However, bulls may note that SHIB saw RSI levels reach over 80 during parts of its 2021 rally. The coin has also consolidated from previous overbought rallies in the past without triggering a significant pullback.
As long as buying momentum continues to drive the price higher, SHIB’s RSI could have more room to run before signaling short-term exhaustion. Bulls will be watching to see if the RSI can push deeper into overbought territory, which would reinforce SHIB’s burgeoning uptrend. For now, RSI conditions aren’t flashing a clear sell signal, keeping the prospect of further upside on the table according to technical analysts.
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Show more +Looking ahead, based on the parabolic price action and heavy volume flows, analysts remain bullish on SHIB’s near-term outlook. Some predict the coin may challenge its all-time high prices in the coming weeks if buying momentum persists. For those who missed out earlier in the rally, now may be a chance to re-evaluate Shiba Inu given its emerging bullish technical and on-chain metrics. With continued development of its ecosystem, SHIB appears well-positioned for future growth.
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