Shiba Inu [SHIB] has witnessed a substantial surge in its price recently, edging closer to breaking through another crucial resistance level.
This upward momentum has attracted greater attention, propelling SHIB to the list of the most popular cryptocurrencies. Trading volume has experienced a significant upsurge, and open interest has notably increased in the past 24 hours.
Shiba Inu Records a Surge of Over 20% in the Last 24 Hours
An examination of the recent price movement of Shiba Inu highlights a significant surge in the latest trading session.
SHIB has surged by more than 22%, reaching close to $0.000018—the largest daily increase in months, surpassing the 16% surge observed in March. Currently, SHIB is being traded around $0.000019, demonstrating an increase of over 5%.
The cryptocurrency is getting near its long-term moving average (represented by the blue line), which has been a notable resistance level since July.
Prior to this surge, SHIB was already following a bullish path, but the recent spike has reinforced this upward momentum.
The Relative Strength Index (RSI) has climbed to approximately 80, signaling that SHIB is presently overbought and implying a potential short-term correction.
Shiba Inu’s Rising Trading Volume Correlates with the Price Surge
Trading volume for Shiba Inu has surged in line with its price increase. Over the last four days, the volume has escalated from around $270 million to over $1 billion.
At the time of reporting, SHIB’s trading volume stood at nearly $1.35 billion, based on data from Santiment.
The positive price trend, coupled with the surge in volume, indicates that buying pressure is dominating the market. Should this momentum persist, SHIB could edge closer to its all-time high (ATH).
Moreover, as per data from CoinMarketCap, SHIB has shown the most significant gains among the top ten memecoins over the past week, increasing by more than 30%.
The nearest competitor in terms of gains was dogwifhat (WIF), with an uptick of about 31%.
Increasing Investor Interest in Shiba Inu
It’s not just the price and volume that have surged; the open interest in Shiba Inu has also experienced a notable increase.
Information from Coinglass revealed that in the past 24 hours, SHIB’s Open Interest surged from around $37 million to over $57 million.
This surge is significant as the last time open interest saw such a surge was back in June.
The rise indicates that more capital is flowing into SHIB as the price climbs, suggesting heightened activity on the derivatives aspect of the market.