Shiba Inu’s (SHIB) market cap has surpassed that of Avalanche (AVAX) today, following a 7% price increase in the last 24 hours. This development means that the Shiba Inu crypto now has a market cap of $10.98 billion, making it the 12th most valuable cryptocurrency in the market.
However, if SHIB’s price continues to increase, the position could be higher. But will this happen?
Shiba Inu Eyes Cardano’s Spot After Surpassing AVAX
Over the weekend, Shiba Inu’s market cap was less than $10 billion, while the price hovered around $0.000016. Market cap is the product of circulating supply and price. Today, SHIB’s price has climbed above $0.000018, indicating that the increase in value contributed to this flippening.
AVAX, on the other hand, did not register a notable price increase, making it easy for the meme coin to climb above the smart contracts platform’s native token.
According to IntoTheBlock, the cryptocurrency was able to climb this way due to a drop in selling pressure. For instance, the Coins’ Holding Time increased by 30% within the last seven days.
Holding Time refers to the period that a cryptocurrency has been held without being transacted or potentially sold. When it decreases, it means that holders are selling. Since it is the other way around, it means that holders have refrained from liquidating their assets.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
If sustained, this could put upward pressure on SHIB’s price. Shiba Inu’s social dominance is another factor that could influence its potential for further gains.
Social dominance, in this context, measures the share of SHIB-related discussions compared to other cryptocurrencies across social media platforms. An increase in social dominance often correlates with heightened investor interest, which can help fuel demand and drive the price up
A decrease, on the other hand, does otherwise, as it indicates a drop in conversations around a token. For SHIB, if social engagement continues to trend upward, it could attract new investors and provide momentum for further price growth.
SHIB Price Prediction: Token Targets $0.000026
On the daily chart, Shiba Inu’s price has successfully broken out of a symmetrical triangle pattern. A symmetrical triangle pattern forms when price movements create a horizontal line along the swing highs and a rising trendline along the swing lows. This pattern reflects a period of consolidation, as buyers and sellers struggle to gain control, causing the trading range to narrow.
Therefore, this breakout often signals the potential for a continuation in the breakout direction, suggesting that SHIB might see further upward movement.
However, SHIB will need to evade falling back into the channel to avoid invalidating this bullish setup. Should bulls defend this pattern, then the token’s price might climb to $0.000020.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
In a highly bullish situation, it could jump to $0.000026 and probably push Shiba Inu’s crypto market cap above Cardano (ADA). However, failure to surpass the $0.000020 resistance could pull the price back to $0.000014.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Credit: Source link
