Shiba Inu Price Prediction: SHIB 9% rally doubles in volume, will the uptrend hold?
- Shiba Inu price rose by 9% on January 9, 2023.
- SHIB's volume influx suggests that high-cap investors are getting involved in the next trade.
- A breach below $0.0000828 could invalidate the bullish trend.
Shiba Inu price is showing bullish market signals that are hard to avoid. If market conditions persist, SHIB could embark on a star-stunning relief rally.
Shiba Inu price surges
Shiba Inu price has outperformed several cryptocurrencies to start the second week of January as the notorious meme coin token rose by 9% in 24 hours. The impressive rally has investors honed in as on-chain analytics suggest whales are dually interested in SHIB's current market behavior.
FXStreet's Ekta Mourya was the first to note Shiba Inus; volume influx, with a "116% increase of transactions over the last 24 hours". At the time of writing, the volume continues to pour into the market. 6.9 trillion Shiba meme tokens have been traded during the 9% spike, nearly a 150% increase from January 8s' 2.4 trillion.
SHIB/USDT 12-Hour Chart
The bullish thesis requires time, but for those wanting to join the market now, a breach of the swing low at $0.00000828 would weigh heavily on the uptrends momentum and likely cause a reversal. The bearish scenario could result in a 10% decline targeting December's monthly low at $0.00000714.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
