- The price of Shiba Inu (SHIB) has been doing great over the last few days.
- SHIB is up 2.51% over the last 24 hours.
- The price spike seen over the weekend could lead many to believe that there is a bull run in the cards for SHIB.
The price of the popular meme token Shiba Inu (SHIB) has been doing great as just yesterday, SHIB’s price reached a high of $0.00017, which is the highest it has been since May. The total trading volume of SHIB saw a huge 700% increase over the weekend as well.
In addition to this, SHIB registered a big uptrend in whale transactions, soaring to as much as $100,000. Around 400 whale transactions were made which succeeded in catapulting the number to more than $100,000.
Today, things are still looking good for SHIB. According to the crypto market tracker, CoinMarketCap, SHIB is up 2.51% over the last 24 hours and is currently trading at $0.00001624.
The price spike seen over the weekend could lead many to believe that there is a bull run in the cards for SHIB.
The two technical indicators, MFI and RSI, are in overbought territory. However, the MACD positioning does not indicate that there will be a potential bull run.
SHIB’s value continued to rise overnight, but the MVRV on the daily chart is negative at -7.498%. This suggests that only a few traders were able to profit from the price upswing yesterday.
Another indicator that investors need to be aware of is SHIB’s MDIA, or Mean Dollar Invested Age. Currently, SHIB’s MDIA has been stretched for around 6 months. With that being said, investors and traders should be cautious in taking trade positions because the indicator suggests that SHIB’s price may drop soon.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinEdition. No information in this article should be interpreted as investment advice. CoinEdition encourages all users to do their own research before investing in cryptocurrencies.