Shiba Inu [SHIB] recently underwent a substantial surge in price, edging closer to breaking another crucial resistance level.
This upward momentum has attracted increased focus, propelling SHIB to become one of the most talked-about digital currencies. Trading volume has surged, and open interest has witnessed a significant uptick within the last day.
Shiba Inu Spikes Over 20% in the Past 24 Hours
An examination of Shiba Inu’s recent price pattern indicates a significant surge in the latest trading session.
SHIB skyrocketed by more than 22%, reaching around $0.000018—marking the most extensive daily surge in several months, surpassing the 16% increase observed in March. Currently, SHIB is trading near $0.000019, reflecting a gain of over 5%.
The digital asset is nearing its long-term moving average (represented by the blue line), which has served as a noteworthy hurdle since July.
Prior to this upswing, SHIB was already following a bullish trajectory, but the recent spike has further bolstered this positive momentum.
The Relative Strength Index (RSI) has approximately hit 80, signifying that SHIB is presently in an overbought state, hinting at a possible short-term correction.
Shiba Inu’s Trading Volume Corresponds to Price Surge
Concurrently with its price surge, Shiba Inu’s trading volume has witnessed a notable uptick. Over the past four days, the volume has escalated from roughly $270 million to over $1 billion.
Currently, SHIB’s trading volume stands at approximately $1.35 billion, based on insights from Santiment.
The favorable price trend combined with the volume spike indicates that buying pressure is dominating the market. If this bullish trend persists, SHIB could inch closer to its all-time high (ATH).
Moreover, as per CoinMarketCap data, SHIB has recorded the most substantial gains among the top ten memecoins in the past week, surging by more than 30%.
dogwifhat (WIF) emerged as the nearest competitor, showcasing gains of about 31%.
Shiba Inu Draws Increased Investor Attention
It’s not only the price and volume that have surged; Shiba Inu’s open interest has also experienced a notable increase.
Statistics from Coinglass revealed that within the past 24 hours, SHIB’s Open Interest surged from around $37 million to over $57 million.
This surge is remarkable as the last time open interest witnessed such a spike was back in June.
This uptick implies that more capital is flowing into SHIB as its price climbs, signaling heightened activity on the derivatives segment of the market.