Cryptocurrency News – Shiba Inu, one of the most popular dog-themed meme coins in the cryptocurrency market, has recorded surprising increases in the last 24 hours despite the declines in the market. SHIB managed to attract attention despite major tokens in the crypto market trading in the red today.
SHIB recorded an increase of 4.49% in the last 24 hours and is trading around $0.00000826 at the time of writing. The price of Meme coin also increased by a total of 12.92% in the last 7 days.
The crypto market received a positive boost on July 14 after a judge ruled that XRP, a digital code, is not a security. The news raised hopes in the market as crypto investors breathed a sigh of relief that other altcoins may not be considered securities.
As expected, investors started to realize their profits after yesterday's increase and thus the decline began. Big winners from yesterday's rally such as XRP, Stellar (XLM), and Cardano (ADA) painted their charts red today. Total crypto market capitalization fell to $1.22 trillion, following a 2.35% decline.
Shiba Inu, on the other hand, maintained its gains and continued to rise today, unlike several cryptocurrencies that are currently trading in the red.
Shiba ecosystem official Lucie said on Twitter, "The bull run is approaching" and pointed out that the price of Shiba Inu may continue to rise.
What's next for Shiba Inu price?
Shiba Inu broke the key hurdle of $0.0000077 near the daily MA 50, which has been blocking price gains for weeks.
The bulls then retook the psychological level of $0.000008, where 26,330 addresses purchased 14.72 trillion SHIB tokens. Trading in the green for three consecutive days, meme coin touched an intraday high of $0.00000853 today.
Currently, the next hurdle for SHIB lies at $0.000009, where 23,380 addresses have purchased 11.5 trillion SHIB tokens.
RSI, one of the technical indicators, increased to positive 60 levels, giving buyers an advantage. However, if investors start to realize their profits, SHIB price may make a move back to the support point at $0.0000077.