Shiba Inu was one of the best performing altcoins last week. The coin has gained more than 200% over the last seven days, inching it closer to its all-time highs. Moreover, the meme coin has also moved towards the top 20 cryptocurrencies in terms of market capitalization. SHIB’s market cap currently stands at over $13 billion, and it is the 12th largest cryptocurrency by this metric, according to data from CoinGecko.
Shiba Inu is trading at $0.00002716 at the time of writing after a 2.9% gain in 24 hours.
Shiba Inu Price Analysis
Shiba Inu has been making major gains over the past week. Despite volatility, the coin has withstood any sharp price correction that could push it towards lower levels.
Market support is currently strong as bitcoin sits at $56,000. In this case, we could see SHIB’s bulls growing stronger, and the coin could push towards higher levels. The next resistance levels lie at $0.000028 and $0.000030. Last week, buyer support pushed SHIB towards the highs of $0.000035, and such price actions could occur again if the bullish sentiment across the broader market grows stronger.
On the downside, SHIB could fail to maintain the previous week’s highs, and selling pressure could push the altcoin towards lower levels. In this case, SHIB will test the lower support level of $0.00025 and then $0.00002. Nevertheless, dips at this point could end up creating buying pressure, as the broader market’s price action is positive.
Over the past two weeks, Shiba Inu’s rally has enabled the coin to surpass big names in the crypto space. Over the weekend, SHIB was the most traded cryptocurrency on Binance and Coinbase because of increased demand.
Following last week’s rally, SHIB’s trading volumes on the derivatives market also increased by 78x. For the first time, these volumes surpassed $5 billion, with the high volumes indicating the iconic price rally of the meme coin. This increased interest in SHIB could continue over the coming weeks because of the bullish rally across the broader market.
Where to Buy SHIB
If you want to buy SHIB during the current bulls, you can create a cryptocurrency exchange account on eToro. eToro is one of the leading exchange platforms, and it is popular for having a copy trading feature that allows traders to copy the trading strategies of experts. eToro charges low trading fees and supports a broad range of cryptocurrencies and trading pairs.
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