Altcoins
Shiba Inu Price Records Staggering 18% Spike in One Week: Possible Dead Cat Bounce?
Shiba Inu price has been on a rally for the past few days, jumping to its highest level since May 2023 amid positive crypto market sentiment. Shiba Inu, the second-largest meme coin by market capitalization, has jumped by almost 17% in the past week and is up by 22% in the year to date. SHIB has also climbed by more than 27% in the month to date.
Behind SHIB’s Rally
Shiba Inu has been among the best-performing cryptocurrencies over the past week as the entire crypto market takes a positive swing. The asset’s total market cap has soared to $5.83 billion, ranking SHIB as the 14th largest cryptocurrency. The global crypto market cap has increased by more than 2% over the last day to $1.18 trillion, while the total crypto market volume edged 25.25% over the same period.
Bitcoin, the largest cryptocurrency by market capitalization, has taken off in an upward direction following weeks of stagnation and prolonged inactivity. Bitcoin price is higher and is once again challenging both technical and psychological level of $30,000. Bitcoin’s rally caused a spike in liquidations throughout the cryptocurrency market.
As such, most altcoins, including Solana, Shiba Inu, PEPE, Polygon, and Toncoin, among many others, have charted significant gains over the past 24 hours. As somewhat expected, the crypto market sentiment has improved. Traders and investors will be watching to see if this is just a bounce to key resistance zones or a more sustained rally.
Shiba Inu price has been on a strong bearish trajectory for the better part of this year, with its recent trend marking a shift from its long-term bearish sentiment. SHIB’s growth has also been buoyed by the positive on-chain activity, including its 81% jump in trading activity over the last day.
Notably, the fast-approaching Shibarium mainnet launch has also triggered Shiba Inu’s recent price growth seeing that bulls understand what is at stake. SHIB’s launch of its Layer 2 protocol, Shibarium, is slated for the Blockchain Futurist Conference expected to happen next weekend. With Shibarium enhancing usability through the emergence of decentralized applications (dApps), there is a possibility of high demand for Shiba Inu, increasing its influence in the meme coin ecosystem and pushing its price higher.
Shiba Inu Price Technical Analysis
The daily chart shows that the Shiba Inu price has been on an upward trajectory for the past few days, flipping above the major hurdle at the 200-day EMA at $0.00000930. At the time of writing, SHIB was trading 3.46% higher at $0.00000986. The meme coin has moved above the 50-day and 200-day exponential moving averages, with its Relative Strength Index (RSI) at 66, 4 points close to the overbought zone.
Therefore, I expect the Shiba Inu price to continue moving higher in the coming days as bulls eye the next resistance level at $0.00001075. A move past the aforementioned level will pave the way for further gains to $0.00001190. Conversely, we cannot rule out a move below the 200-day EMA which will invalidate my bullish thesis.
SHIB Price Chart
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
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