The crypto market has turned quite green over the past 24 hours, but one altcoin in the top 20 stands head and shoulders above the rest; shiba inu (SHIB). Of same corner rose in value by a whopping 23% in the past 24 hours, with the rest of the top 20 barely moving beyond a 4% gain.
Shiba inu price rises 23%
Like bitcoin (BTC) SHIB also traded below a key resistance zone for a long time. But unlike BTC the altcoin could break through its resistance. And as we are used to when it comes to meme coins like shiba inu, that was accompanied by enormous volatility.
In recent weeks, SHIB has risen and fallen by up to 9% in value during a period when the altcoin appeared to be consolidating below the resistance near $0.000013 on crypto exchange Binance. Last night at 1 o’clock the SHIB bulls attacked again towards this resistance and this time they managed to break it. The result was an increase of no less than 23% in about 12 hours.
It is not entirely clear where the sudden price increase and the exploding trading volume come from. For example, the project did not make any major announcements about developments or anything like that. So it appears to be mainly due to the breaking of the resistance near USD 0.00013.
On the 4-hour and daily chart, the relative strength index (RSI) due to the increase in the overbought area rightly. This could be a signal that the bulls are running out of steam leading to a period of consolidation or downward correction. Time to adjust well!
Rival dogecoin is also doing relatively well
If we look at the rest of the altcoins, we see that SHIB’s great rival, dogecoin (DOGE), is doing relatively well. DOGE rose by about 7% in the past 24 hours and is even up 14% over the past week.
Within the top 10 is cardano (ADA) the hardest climber. The number 6 caught up with ripple (XRP) yesterday and rose 5% in the past 24 hours to a value of $0.58. However, the hardest riser of the past 7 days within the top 10 is ethereum (ETH). The market’s largest altcoin rose a whopping 18.6%, and that’s probably mainly due to with the upcoming Merge!
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