SHIB Gains More Than 10% in 24 Hours as Exchange Reserve Surges to $929 Million
Bullish signals emerged on the community-focused Ethereum-based memecoin, Shiba Inu, with the cryptocurrency’s exchange reserve surging to $929 million in 24 hours. This development boosted optimism among SHIB investors and coincided with a significant rally in the memecoin’s price.
Shiba Inu surged 10.32% on Monday to continue its rebound from a recent price crash. The crypto token found support at $0.00001005 before embarking on an upsurge that has seen it gain nearly 20% in less than 72 hours. Analysts have observed underlying factors behind the bullish sentiment, including a surging exchange balance that suggests increasing demand.
It is worth noting that a high exchange reserve indicates the availability of a high volume of SHIB tradable tokens, highlighting more prospects of potential profits for investors. It shows that user interest in Shiba Inu is increasing, which could imply upcoming value gains.
Although Shiba Inu’s trading volume decreased by 10.38% to $193.03 million, Coinglass data shows that the crypto asset’s open interest rose 5.59% to $130.01 million. For context, combining stable reserves and rising available interest signals a strengthening market, consistent with SHIB’s price surge of the past few days.
TradingView’s data show that SHIB traded for $0.00001170 at the time of writing after surging about 20% in less than 72 hours. The latest rally pushed SHIB into a notable region of resistance. Breaking above that will boost the memecoin’s bullish momentum. It could confirm the return of bullish sentiment and the potential return of a much-awaited altcoin season.
Technical analysts believe remaining above $0.00001144 boosts Shiba Inu’s chances of moving to higher targets. That level marks a confluence of local support and the median line of a short-term pitchfork channel. It is also worth noting that climbing above the $0.00001200 psychological resistance would boost SHIB’s bullish sentiments ahead of a potential notable rally.