Shiba Inu Price Prediction as SHIB Trading Volume Blasts Past $100 Million
Shiba Inu price is in the process of validating a crucial bullish pattern, likely to send it up 16.25% from the breakout point to $0.00001208. As previously discussed, the second-largest meme coin rebounded after tagging support at $0.000000960.
Shiba Inu's trading volume zoomed past the $100 million mark, brushing shoulders with $135 million over the last 24 hours. The surge in volume across exchanges comes just days after the tech giant Google announced support for SHIB payments following a strategic partnership with Coinbase.
According to live price data from CoinMarketCap, SHIB's trading volume is up 19.72%. Centralized exchanges (CEXs) account for $133 million of the volume, with decentralized exchanges (DEXs) bringing in only $2 million.
An inverse head-and-shoulders (H&S) pattern on the four-hour chart could be the motive behind the high trading volume. This highly bullish pattern often leads to a bullish trend reversal.
The left shoulder (valley) appears first, followed by a longer valley (head), and the pattern matures with a second higher valley (shoulder). Traders usually look for long positions when trading this pattern. Its breakout target is the distance between the head and the neckline.
SHIB/USD four-hour chart
Shiba Inu price is now trading slightly below the neckline resistance. A break above that same level is necessary to ascertain the validity of the trend.
Meanwhile, the 50-day SMA (Simple Moving Average) is in line to give SHIB immediate support at $0.00001030. The MACD (Moving Average Convergence Divergence (MACD) dons a buy signal on the same four-hour chart. In other words, a bullish outcome is looking likely based on these indicators.
The MVRV (market value realized value), an on-chain metric by
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