Sign Up on MEXC
Highlights
- Shiba Inu price eyes a parabolic rally to $0.000018 after breaking out from a cup and handle pattern.
- SHIB's recent gains have seen the altcoin flip Hedera by market cap ranking.
- Shiba Inu's open interest has reached a three-month high showing trader conviction toward a bullish continuation.
Shiba Inu (SHIB) price is gaining today, May 10, and has flipped Hedera (HBAR) by market cap. This second-largest meme coin may be on the verge of even more gains, as a bullish cup and handle pattern on the daily chart suggests that it may soon record a 40% gain to multi-week highs.
Shiba Inu Price Overtakes Hedera by Market Cap
Shiba Inu price trades at $0.000015 at press time, following an 8% gain in 24 hours. These gains have seen the meme coin achieve an $8.5 billion market cap to overtake Hedera and become the 15th largest crypto token.
The flippening has caused a spike in the meme coin’s trading volumes as data from CoinMarketCap shows that in the last 24 hours, this metric has soared by 73% to $632 million. The volumes are likely coming from buyers and causing a spike in volatility as Shiba Inu fluctuates between a daily low of $0.000014 and a daily high of $0.000015.
The technical outlook suggests that SHIB price will likely target more gains in the near term and possibly outperform Solana meme coins that have been taking the spotlight.
SHIB Eyes $0.000018 After Cup & Handle Breakout
Shiba Inu price is poised for further gains after breaking out of a rounding bottom pattern on the daily chart. This breakout signals that the altcoin is now headed for a full blown bullish reversal that may extend the gains by another 38% and see SHIB reach $0.000018.
However, there are a few conditions that this top meme coin needs to fulfill before making the rally to $0.000018. Firstly, the uptrend needs to cross above the 200-day SMA level and make a decisive close above it. Doing so will indicate that the long-term trend is no longer bearish but bullish.
Meanwhile, the RSI supports the likelihood of a rally as it tips north to confirm that the bullish momentum is gaining strength, and SHIB price eyes more gains.
If Shiba Inu price can cross the $0.000018 resistance level, the next target will be the January high of $0.000020, which will see its market cap reach $11.78 billion.
Shiba Inu Open Interest Reaches Three-Month High
Data from Coinglass supports a bullish Shiba Inu price prediction due to rising leverage after the open interest reached $228M, marking the highest level in three months. This rising OI is also a positive indicator towards SHIB price as it suggests conviction among traders that the token will continue to rally.
Therefore, as bullish signals align around the Shiba Inu meme token, traders should anticipate the uptrend to continue, with the next major resistance being at the 200-day SMA of $0.000018. However, the rising RSI and the breakout from a cup and handle pattern suggest that the meme coin will likely overcome this resistance level.
Frequently Asked Questions (FAQs)
1. What’s next for Shiba Inu price after flipping Hedera by market cap?
2. Can SHIB price reach the $0.000018 price level soon?
3. What does the rising open interest show about Shiba Inu price?
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
