Shiba Inu (SHIB) has managed to retain a 1.15% jump in 24 hours, showing a rally with limited backing. The current market is in consolidation with several altcoins anticipating a definitive comeback, but is SHIB a contender?
The Tricky Shiba Inu Uptick
Over the past 24 hours, Shiba Inu has seen its price largely range-bound motion. The token soared from a low of $0.00002244 to a high of $0.00002343. The expectation generated by this movement was cut short as a breakout above the $0.00002281 point was anticipated.
This level is not necessarily a straining area as the token formed a support around it for months. The demand by SHIB bulls is not out of lack of precedence, however, current market sentiment is antagonizing growth prospects.
The trading volume that is expected to match up with this uptick has remained shallow. On-chain data shows SHIB traders transacted $659,308,051 worth of the tokens, down 16% in 24 hours. This slumped trading volume is indicative of the shifting risk appetite for volatile assets amid the dovish interest rate stance of the US Federal Reserve.
In the push for a future breakout, SHIB traders must watch the $0.00003 price level closely. Breaching this point is intensely a market-wide affair and will require a more bullish push than the false jump at the moment.
Shibarium Hard Fork, MoonPay Not Helping
Unlike many other digital currencies, Shiba Inu is not devoid of positive fundamentals. As reported earlier, the project’s layer-2 scaling solution Shibarium completed a hard fork upgrade recently. This upgrade added new enhancements to the protocol, with the potential to fuel new demand points for SHIB.
Also, MoonPay and Paypal inked a partnership to get Shiba Inu’s trading revived in the United States. With this collaboration, users can now acquire SHIB through PayPal. These latest updates were expected to shift Shiba Inu’s price positively, however, market reality currently differs.
