Is Shiba Inu Poised for a 10% Upswing Anytime Soon?

Sahana Kiran
Shiba inu
Source – Unsplash

The crypto-verse is slowly yet steadily recovering from the gruesome 2022 bear market. A plethora of assets was gaining back control as they accumulated profits over the last couple of weeks. Shiba Inu [SHIB] had a notable week as its price rose by 21.54%. While the asset is currently plummeting, analysts are hinting at a possible price rise.

Cryptocurrency analyst, Ali Martinez shared a tweet highlighting Shiba Inu’s potential surge of up to 10%. However, he urged the community to patiently wait until a 30-minute candlestick closes above the $0.0146 or below the $0.0142 zone.

At press time, the meme cryptocurrency was trading for $0.00001411 with a 3.07% daily drop. With the asset much below the $0.0142 zone, the chances of this breakout were quite dull.

In addition, the trading volume of SHIB took a huge hit. The asset dipped by 40.54% all the way down to $515,122,504. Shiba Inu’s market cap which recently garnered huge praise for surging and pushing the asset to the twelfth position also declined.

Will Shiba Inu be able to make it to the coveted top 10?

As SHIB was recording a major plunge, the hopes of the community members followed suit. The asset’s market cap went from a high of $8.57 billion last week to a low of $7.73 billion today. Several were yearning to see Shiba Inu in the top ten. However, this could be quite a task considering its current levels.

It should be noted that SHIB’s market cap, at press time was $7.76 billion. Solana [SOL] was right above SHIB with $8.68 billion. Polkadot [DOT] took over the thirteenth place with its market cap at $7.67 billion. Therefore, the Shib Army fears that DOT could soon overtake SHIB if the meme coin continues to drop.