Shiba Inu (SHIB) Price Shows Recovery Signs Amid Crypto Crash

• Shiba Inu has shown a price increase of 22.54% in the last 24 hours. 
• The token’s daily trading volume recorded a 0.12% decline according to CMC data.

Leading on-chain analyst, CryptoQuant’s author ‘binhdangg’ observed that 60% of the top 50 cryptocurrencies have lost their 2024 gains. Amid increasing liquations, leading tokens have shown significant price declines. Meanwhile, dog-themed meme coin Shiba Inu has exhibited notable price hikes in the last 24 hours. 

According to CMC data, the memecoin has factored in an 22.54% increase within the past day. Notably, the token was trading at $0.00001148 in the last hours of August 5. However, at the beginning of August 6, SHIB experienced a price breakout hiking to an intra-day high of $0.00001405. At the time of writing, Shiba Inu was trading at $0.00001335. 

Moreover, the token recorded a 0.12% decline in daily trading volume, despite its one-day increase. Additionally, the token’s RSI stands at 27.34 indicating the existing selling pressures in the memecoin according to TradingView data. 

SHIB/USDT Daily Price Chart (Source: TradingView)

Zooming out, over the past week Shiba Inu’s price performance stands at a 19.83% decline. The token traded at the $0.000016 level in the beginning of the week, after which it slid to find support at current trading levels. Moreover, SHIB’s short-term 9-day MA stands below the long-term 21-day MA highlighting current bearish trends. 

How Will Shiba Inu (SHIB) Price Perform in the Coming Months? 

In the past month, the memecoin has shown a price performance of 23.15% decline. Moreover, the token’s HMA stands below the current trading price reaffirming the overall downward trend, despite recent hikes. Meanwhile, Shiba Inu has recorded $1.16 million in liquidations in the last 24 hours, as per coinglass data. 

However, according to market analysts if Shiba Inu manages to sustain the current positive momentum it might witness additional price breakouts. TheNewsCrypto analysts have predicted a bullish price of $0.00004981 for SHIB in 2024. 

Meanwhile, the largest cryptocurrency, Bitcoin, has shown a slight upward movement in its price activity in the past day. 

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