- Santiment highlighted SHIB’s impressive price performance in a tweet today.
- The firm predicted that SHIB’s rally may continue as trading volume for SHIB has reached a 6-month high.
- Exchange supply for SHIB has also dropped to its lowest level since April 2021.
The blockchain intelligence firm Santiment highlighted the impressive price performance of Shiba Inu (SHIB) and potential indicators that suggest its rally may continue. According to the post, the meme coin’s price jumped more than 15% in just 24 hours. Meanwhile, trading volume and long-term holder activity support this rally continuing, predicted the firm.
Furthermore, Santiment’s data revealed that SHIB’s price had pumped more than 51% over the past month. Along with this positive monthly performance, trading volume for SHIB has hit a 6-month high, while exchange supply of the meme coin stood at 8.29% – the lowest level it has been since April 2021.
At press time, the altcoin had made its way to the top of CoinMarketCap’s trending list. SHIB was trading hands at $0.000009729 following its 24-hour gain of 7.70%. This positive daily performance had boosted its weekly performance to +12.83% as well.
SHIB had displayed similar strength against the market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. At press time, SHIB was up 7.68% against both cryptocurrencies. Subsequently, 1 SHIB was worth 0.000000000335 BTC and 0.00000000531 ETH.
The meme coin’s price was able to overcome the resistance level at $0.00000928 in the last 48 hours. It attempted to break above the next major resistance level at $0.00001052, but bears defended the mark. This resulted in SHIB’s price falling from a high of $0.00001052 to a low of $0.00000950 over the past day of trading.
SHIB’s price may correct to the recently-flipped level at $0.00000928 in the next 48 hours before another leg up. However, if the altcoin’s price breaks below this level, then it may be at risk of falling to $0.00000845 in the following couple of days.
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