As the Catholic world welcomed the first-ever American Pope Leo XIV, the crypto markets reacted with a flood of green tides. Shiba Inu (SHIB) is among the top gainers in the altcoin section on Friday afternoon, fetching a new monthly high at $0.00001555.
Shiba Inu Outpaces HBAR Ahead Of New Hurdle
The popular canine coin barked up 12% gains today, claiming the $0.000015 territory and soaring past Hedera (HBAR) to claim the 16th spot by cryptoโs global market cap. With a $693 million trading volume, Shiba Inu soared to a $9.11 billion market capitalization this afternoon, later slightly backtracking to $8.79 billion, according to CoinGecko.
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Meanwhile, the mainstream Distributed Ledger Technology (DLT) employing Hedera Hashgraph (HBAR) crypto convened approximately $350 million lower than that, currently sporting a $8.44 billion market cap at the price of $0.1999, as per the independent crypto price aggregator.
In a previously reported SHIB price prediction, the Parabolic Stop & Reverse (SAR) metric flashed a bullish stance on Shiba Inu (SHIB) price on Monday, igniting the double-digit rally. However, the way northward is met with the largest Shiba Inu resistance bubble in history, which could lead to either a sell wall or a major support flip.
According to the real-time Shiba Inu (SHIB) price charts, the chance of flipping the 527.7 trillion SHIB resistance bubble into major support is more likely. As we can see in the SHIB price chart above, the popular canine coinโs market value is above the 200-Exponential Moving Average (EMA), depicted in blue color.
Combined with the Parabolic Stop & Reverse (SAR) points manifesting below the trendline, this signifies a bullish short-term trend for the dog-embossed crypto token. In order to recoup the 3-month high, SHIB price still has some field to cover to $0.000017, which would put the majority of Shiba Inu holders in profit, according to IntoTheBlock.
On The Flipside
- Shiba Inuโs 1000-times multiplied stablecoin-marginalized smart contract on Derivatives markets portrays a nearly equal deficit in liquidations.
- Over-leveraged long Shiba Inu price positions took up $717K in daily liquidations, while short-sellers got wiped out of $629K during the same time.
Why This Matters
Tracking trading volumes & crucial on-chain metrics helps to assess the ongoing crypto market sentiment. High trading volumes paired with bullish on-chain signs are key traits of any bull rally.
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