Shiba Inu, a cryptocurrency with a dog motif, has posted unexpected increases over the past 24 hours despite market losses. As numerous cryptocurrencies trade in the red due to profit-taking, Shiba Inu is displaying a unique decoupling move.
SHIB has increased by 4.49% in the previous day to $0.00000826 as of the writing. The token has gained 12.92% over the past seven days as well.
XRP’s price rose on July 14 when a judge determined that it is not a security because it is a digital code. Investors in cryptocurrencies breathed a sigh of relief as a result of the news that other altcoins might not end up being classified as securities after all.
The market is losing money as anticipated as a result of investors taking gains following yesterday’s surge. Large rally winners from yesterday, like XRP, Stellar (XLM), and Cardano (ADA), are now experiencing losses. At $1.22 trillion, the entire market capitalization of cryptocurrencies is now down 2.35%.
In spite of the fact that many crypto assets are currently trading in the negative, Shiba Inu has maintained its gains and is currently trading higher.
On Twitter, Lucie, a representative of the Shiba ecosystem, notes the fascinating price movement of the Shiba Inu and writes, “Bull run near.”
What’s next for SHIB price?
The critical resistance level around the daily MA 50, $0.0000077, that has been preventing Shiba Inu’s price growth for weeks, has been broken.
Bulls then climbed to the psychological milestone of $0.000008, where 26,330 addresses bought 14.72 trillion SHIB. The price gain today hit intraday highs of $0.00000853, marking the third consecutive day that it has happened.
However, around $0.000009, where 23,380 addresses bought 11.5 trillion SHIB, SHIB meets its next obstacle. Buyers are in a better position now that the RSI has crossed into the positive 60 range.
In the event that profit-taking does place, SHIB may aim for the $0.0000077 level as a temporary support.
