Shiba Inu Price Records Staggering 18% Spike in One Week: Possible Dead Cat Bounce?

Shiba Inu price has been connected a rally for the past fewer days, jumping to its highest level since May 2023 amid affirmative crypto marketplace sentiment. Shiba Inu, the second-largest meme coin by marketplace capitalization, has jumped by astir 17% successful the past week and is up by 22% successful the twelvemonth to date. SHIB has besides climbed by much than 27% successful the period to date.

Behind SHIB’s Rally

Shiba Inu has been among the best-performing cryptocurrencies implicit the past week arsenic the full crypto marketplace takes a affirmative swing. The asset’s full marketplace headdress has soared to $5.83 billion, ranking SHIB arsenic the 14^th largest cryptocurrency. The planetary crypto marketplace headdress has accrued by much than 2% implicit the past time to $1.18 trillion, portion the full crypto marketplace measurement edged 25.25% implicit the aforesaid period.

Bitcoin, the largest cryptocurrency by marketplace capitalization, has taken disconnected successful an upward absorption pursuing weeks of stagnation and prolonged inactivity. Bitcoin terms is higher and is erstwhile again challenging some method and intelligence level of $30,000. Bitcoin’s rally caused a spike successful liquidations passim the cryptocurrency market.

As such, astir altcoins, including Solana, Shiba Inu, PEPE, Polygon, and Toncoin, among galore others, person charted important gains implicit the past 24 hours. As somewhat expected, the crypto marketplace sentiment has improved. Traders and investors volition beryllium watching to spot if this is conscionable a bounce to cardinal absorption zones oregon a much sustained rally.

Shiba Inu terms has been connected a beardown bearish trajectory for the amended portion of this year, with its caller inclination marking a displacement from its semipermanent bearish sentiment. SHIB’s maturation has besides been buoyed by the affirmative on-chain activity, including its 81% leap successful trading enactment implicit the past day.

Notably, the fast-approaching Shibarium mainnet launch has besides triggered Shiba Inu’s caller terms maturation seeing that bulls recognize what is astatine stake. SHIB’s motorboat of its Layer 2 protocol, Shibarium, is slated for the Blockchain Futurist Conference expected to hap adjacent weekend. With Shibarium enhancing usability done the emergence of decentralized applications (dApps), determination is simply a anticipation of precocious request for Shiba Inu, expanding its power successful the meme coin ecosystem and pushing its terms higher.

Shiba Inu Price Technical Analysis

The regular illustration shows that the Shiba Inu terms has been connected an upward trajectory for the past fewer days, flipping supra the large hurdle astatine the 200-day EMA astatine $0.00000930. At the clip of writing, SHIB was trading 3.46% higher astatine $0.00000986. The meme coin has moved supra the 50-day and 200-day exponential moving averages, with its Relative Strength Index (RSI) astatine 66, 4 points adjacent to the overbought zone.

Therefore, I expect the Shiba Inu terms to proceed moving higher successful the coming days arsenic bulls oculus the adjacent absorption level astatine $0.00001075. A determination past the aforementioned level volition pave the mode for further gains to $0.00001190. Conversely, we cannot regularisation retired a determination beneath the 200-day EMA which volition invalidate my bullish thesis.