SHIB’s Popular Mania Prevails, Could It Drive the Price Upwards?

LunarCrush announced that SHIB was ranked first based on the top trending searches on its website. Moreover, OP and WLD tokens altcoins were in the second and third positions, respectively.

According to LunarCrush’s metrics, it was reported that SHIB had a total social engagement of 157.43 million after experiencing a surge of 20.68% in one day. Meanwhile, the meme coin, also known as the ‘Doge Killer,’ maintained an average social dominance of 4.8% in 24 hours.

These metrics based on SHIB social engagement and dominance could show that the meme coin has a rising demand, which may trigger an uptrend. Based on CoinMarketCap, SHIB’s trading volume is valued a $180,877,037 after a 23.71% increase in 24 hours.

Furthermore, the rise in trading volume could further confirm that investors’ demand for SHIB continues to prevail in the market. However, the question still remains whether the rising demand and social presence could drive SHIB’s price upwards.

SHIB/USDT 1-Day Chart (Source: TradingView)

Looking at the SHIB/USDT chart, the candlesticks have crossed the upper band of the Bollinger Bands, which could have been caused by the buyers’ sudden interest. On the other hand, since the candlesticks touched the upper band, SHIB may face a retracement soon.

Moreover, the upper band and the lower bands are moving parallel to each other with less gap between them. This could be a sign that SHIB’s market still faces low volatility, irrespective of the rising social presence and demand of buyers.

The RSI is currently valued at 58.96, which could still be considered a neutral zone. However, it seems that the RSI is moving closer to the SMA, thus, forming a bearish crossover. The bearish crossover could signal the buyer’s exit from the SHIB market. Ultimately, SHIB may continue to trade between the upper and lower band of the Bollinger Band for some time.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.