Why is Shiba Inu (SHIB) witnessing a rally today?

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Why is Shiba Inu (SHIB) witnessing a rally today?

 Why is Shiba Inu (SHIB) witnessing a rally today?
Image source: © Ostapenkoanton2761 | Megapixl.com

Shiba Inu (SHIB) on 15 August was witnessing as positive rally amid a bearish overall crypto market. The global crypto market has been down by over 3.45%, but the SHIBA has witnessed a rally of over 7.10% with the volume gain of over 347% in the past 24 hours, according to CoinMarketCap.

Shiba witnessed a sudden breakout on 14 August resulting a 30% rise to take it to US$0.00001774 on Sunday. Resting on top of the ladder as the top gainer of the day this meme-based token has witnessed high likes this since May, earlier this year.

This meme coin has been rising up the popularity charts for some time now and alongside Dogecoin, it is often considered to bring value to the investors. Created by pseudonymous Ryoshi, Shiba Inu is an Ethereum powered decentralized community token that was launched as a an experiment by the Shiba Inu Ecosystem.

Why is SHIB crypto rising?

Although the exact reason is still unknown, but it has been witnessing a steady bull run. In fact, in the past 30 days, it has gained over 45% and over the past week or so, it has been up by 31%.

As per the charts, the momentum though has been stopped temporarily, but still has been gaining significant market attention. In fact, with an RSI at 70.44, the SHIB token seems to be in the oversold position at the moment.

Image credit: Trading view

Even the MACD indicators indicate that the momentum is towards the bullish side, with the blue line being well above the signal line. The recent breakout has resulted in its resistance being readjusted to US$0.000018 with a support of US$0.000015.

How is the SHIB’s price faring?

SHIB token on Monday was trading at US$0.0000156 with a trading volume of US $4,02,99,69,074, according to CoinMarketCap. The 12th ranked token enjoyed a live market cap of US $8,62,32,72,529 with 54,90,63,27,88,76,302 SHIB coins in circulation.

The rally of the ‘Doge killer’ would definitely bring a smile to Shiba Inu’s investors, but one must understand that in crypto markets things can change pretty quickly, therefore its important one stays vigilant and does their homework, before they take a call on investments.

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