- Shiba Inu price rose by 9% on January 9, 2023.
- SHIB's volume influx suggests that high-cap investors are getting involved in the next trade.
- A breach below $0.0000828 could invalidate the bullish trend.
Shiba Inu price is showing bullish market signals that are hard to avoid. If market conditions persist, SHIB could embark on a star-stunning relief rally.
Shiba Inu price surges
Shiba Inu price has outperformed several cryptocurrencies to start the second week of January as the notorious meme coin token rose by 9% in 24 hours. The impressive rally has investors honed in as on-chain analytics suggest whales are dually interested in SHIB's current market behavior.
FXStreet's Ekta Mourya was the first to note Shiba Inus; volume influx, with a "116% increase of transactions over the last 24 hours". At the time of writing, the volume continues to pour into the market. 6.9 trillion Shiba meme tokens have been traded during the 9% spike, nearly a 150% increase from January 8s' 2.4 trillion.
Shiba Inu currently trades at $0.00000889. A Fibonacci retracement tool surrounding December's swing high at$.00001016 and swing low of 0.00000714 shows the current uptrend parking adjacent to the 50% Fibonacci level. Since the bulls have quickly tagged the 61.8% fib level of $0.00000920 earlier in the day, The bulls will need to sustain a consolidation near the current price levels to aim for a higher target safely. The next level of interest is December's monthly high at 0.00001016. The bullish scenario allows a 13% rise from SHIB's current market value.
SHIB/USDT 12-Hour Chart
The bullish thesis requires time, but for those wanting to join the market now, a breach of the swing low at $0.00000828 would weigh heavily on the uptrends momentum and likely cause a reversal. The bearish scenario could result in a 10% decline targeting December's monthly low at $0.00000714.
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