Meme coins have rallied in the past month and Shiba Inu (SHIB) has not been the exception as the token has booked a 40.5% gain in the last 30 days.
In the past 24 hours, the price has increased by 12.5% and currently sits at $0.00001519 as trading volumes have surged by 247.2%.
SHIB’s market cap has gained nearly $2.7 billion since early April as market sentiment has progressively recovered.
The Fear and Greed Index jumped from a record low of 15 on April 9 to 70 at the time of writing, meaning that the market has moved from Extreme Fear to Greed in just a month.
This radical change in investors’ sentiment may be the result of reading between the lines of how the macroeconomic backdrop could evolve from now on.
The Federal Reserve hinted that unemployment could rise alongside inflation. In this scenario, market participants may be expecting that the U.S. central bank will make the necessary adjustments to its monetary policy to support the economy.
Moreover, President Donald Trump has backpedaled on his aggressive trade policies and is now willing to negotiate with China and other countries for new arrangements that benefit both sides.
As the market waters calm, a strong rally has emerged that has resulted in a significant boost for meme coins as a whole.
Apart from Shiba Inu (SHIB), other tokens like Pudgy Penguins (PENGU) and Popcat (POPCAT) have seen their price more than triple in a relatively short period.
Can SHIB deliver these kinds of gains as well?
Shiba Inu (SHIB) Could Rise to $0.00001950 If It Breaks Above Its 200-day EMA
Today’s significant uptick has pushed SHIB near its 200-day exponential moving average (EMA). This is a key long-term trend indicator that, when broken, typically signals the beginning of a bullish cycle.
Shiba Inu has been rising since the market pulled a bear trap after breaking the $0.00001080 support.
The price broke above the 21-day EMA just a few days later and has been going up and down this marker in the past few days.
Although the token has experienced a significant increase lately, apart from this bear trap alone, there have not been any strong buy signals.
For SHIB to deliver the kind of gains seen in other tokens, a break above the 200-day EMA and a ‘golden cross’ between the 21-day and 200-day EMA is needed.
SHIB is currently standing above its point of control (POC) at $0.00001245. This is a key support to watch down the road. As long as the price stays above the POC, it means that buyers are in control of the price action.
Momentum indicators have once again been trending higher. The Relative Strength Index (RSI) moved above the signal line while the MACD’s histogram jumped above the zero line after standing a few days in negative territory.
For now, the most critical resistance to watch for SHIB would be the $0.00001613 level as this is the token’s 200-day EMA. If the price breaks through this area, the next stop would be the $0.00001950 area, implying a 28% upside potential from current levels.
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