Why Is Shiba Inu Price Up?

Shiba Inu (SHIB) has experienced a significant resurgence recently. Following a period of stabilization since early March 2024, Shiba Inu (SHIB) appears poised for an upward movement. Increased trading volume since March 22 has underscored a revived enthusiasm for Shiba Inu (SHIB) among investors. Why is Shiba Inu price UP? Let's take a look at this Shiba Inu price prediction article in more detail.

How has the Shiba Inu Price moved recently?

The current price of Shiba Inu (SHIB) stands at $0.00002689, accompanied by a 24-hour trading volume of $708.86 million. Its market capitalization is $15.84 billion, and it holds a market dominance of 0.63%. Over the past 24 hours, the SHIB price has risen by 2.61%.

Shiba Inu reached its peak price on October 28, 2021, reaching an all-time high of $0.00008819. Conversely, its lowest price was recorded on November 28, 2020, at an all-time low of $0.0000105637. Since its all-time high, SHIB's lowest price was $0.000055821 (cycle low), and its highest price since this low point was $0.00004501 (cycle high). Current sentiment surrounding Shiba Inu price prediction is bearish, with the Fear & Greed Index indicating extreme greed at 79.

Regarding supply metrics, the circulating supply of Shiba Inu is currently 589.29 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate stands at -0.04%, implying a decrease of 254.68 billion SHIB over the past year.

Why Is Shiba Inu Price Up?

Several factors have bolstered the positive sentiment surrounding Shiba Inu (SHIB) in the market. Firstly, SHIB has found strong support at its current price level, acting as a springboard for its recent upward momentum. Technical indicators also suggest potential opportunities for savvy investors to capitalize on recent price declines and position themselves for an imminent surge in Shiba Inu (SHIB).

Additionally, Shiba Inu’s revival coincides with Bitcoin’s positive performance, often seen as a gauge for the broader crypto market. This correlation indicates that Shiba Inu (SHIB) could see increased gains if Bitcoin continues its upward trend.

Many analysts predict that SHIB could rise to $0.00003465 in April, driven by bullish momentum in the crypto sphere. Therefore, Shiba Inu (SHIB) presents an appealing investment opportunity at its current price levels.

Shiba Inu (SHIB) has demonstrated remarkable performance over the past year, with its price surging by an impressive 143%. This growth significantly outpaces the majority of the top 100 crypto assets, outperforming 62% of them within the same period. What's more noteworthy is that SHIB has surpassed the returns of Bitcoin and Ethereum, two of the most prominent cryptocurrencies in the market.

Technical analysis reveals that SHIB is currently trading above its 200-day simple moving average (SMA), a key indicator of bullish momentum and long-term trend strength. This signifies ongoing positive sentiment and investor confidence in SHIB's potential.

Additionally, SHIB boasts high liquidity, underscored by its substantial market capitalization. The robust liquidity of SHIB makes it an attractive asset for traders and investors alike, providing ample opportunities for buying and selling with minimal impact on price fluctuations.

Looking ahead, given SHIB's strong price performance, technical positioning above the 200-day SMA, and its liquidity metrics, the outlook remains favorable for further growth. As the broader crypto market continues to evolve, Shiba Inu (SHIB) is poised to sustain its upward trajectory, potentially offering lucrative returns.