Here’s How High Shiba Inu Can Go This Week

Sahana Kiran
Shiba Inu
Source – Unsplash

Shiba Inu [SHIB] was back in action after it rose by both its price as well as market value. The meme cryptocurrency jumped up to the 12th position beating Polkadot [DOT]. SHIB managed to do so after its market cap rose to a high of $8.05 billion. In addition to this, the price of the asset surged by 22.10% over the weekend. But, will SHIB be able to prolong this bullish notion this week?

At press time, Shiba Inu was trading for $0.00001466 with a 2.43% daily plummet. It should be noted that the asset swelled to a high of $0.00001562 on Saturday all the way from a low of $0.00001134. According to Gov Capital, SHIB is likely to dip down to $0.000013 on Tuesday. Yet, this trend might be disrupted as the cryptocurrency is expected to rise to $0.000016 over the coming weekend.

Source – SHIB/USDT Chart on TradingView

It looks like this upswing ticked off a buying spree. The one-day chart of SHIB/USDT highlighted that the asset was being overbought. The Relative Strength Index [RSI] was close to the 80 median.

The total number of unique addresses that hold the assets in the network peaked at an all-time high of 1,298,122. With the network inching closer to 1.3 million, SHIB may continue its hot streak.


How many of these Shiba Inu investors are pocketing profits?

For quite some time, about 60% of Shiba Inu holders have seen enduring losses. However, the narrative was certainly changing thanks to the asset’s latest rally. At press time, about 45% of holders were making money at the current price of SHIB. However, 54% were losing money. All these signs were inclined towards a bullish week for Shiba Inu. Additionally, the community members were also optimistic as Shibarium’s launch was just a couple of days away.