Shiba Inu (SHIB) Price Rises Above $0.00008 After Bitcoin (BTC) Price Breaks Out From $92k Resistance

The rise of Bitcoin (BTC) price, above $92k in the past few days, has triggered a significant increase in memecoin trading. Official Trump (TRUMP) token doubled in value on Wednesday, thus rejuvenating the memecoin rebound – led by Floki, Pudgy Penguin (PENGU), Dogecoin (DOGE), and Shiba Inu (SHIB), among others.

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The recent surge in Bitcoin (BTC) price, past the $92k mark in the past few days, has sparked a significant increase in memecoin trading. Former President Donald Trump's (TRUMP) token saw a nearly two-fold increase on Wednesday, thus continuing the memecoin recovery – also fueled by Floki, Pudgy Penguin (PENGU), Dogecoin (DOGE), and Shiba Inu (SHIB), among others.

According to market data from Binance-backed Coinmarketcap, the memecoin's daily average trading volume surged by over 102 percent to hover about $13.3 billion at the time of this writing,

What Next For SHIB Price

Shiba Inu price has closely mirrored Ethereum's fractal pattern in the past twelve months. The mid-cap memecoin, with a fully diluted valuation of about $7.9 billion and a 24-hour average trading volume of about $290 million, had been trapped in a falling channel in the past two quarters.

However, SHIB price, in the daily timeframe, has been forming a reversal pattern in the past three months. From a technical analysis standpoint, SHIB price has formed a possible inverse head and shoulders pattern, coupled by a bullish divergence of the Relative Strength Index (RSI) in the daily timeframe.

With the daily MACD indicator on the cusp of flipping to bullish sentiment, SHIB's price is well positioned to rally at least 100 percent in the coming weeks.

The SHIB's short-term bullish outlook may be invalidated if the memecoin retraces below the upper border of the falling channel in the coming days.

Market Outlook

The Shiba Inu memecoin has gradually evolved to a utility-based project following the rollout of the Shibarium layer two scaling solution. Moreover, more than 18 DeFi projects have launched on the Shibarium network, led by ShibaSwap and WoofSwap.

As a result, Shibarium's total value locked (TVL) has gradually increased to about $2.3 million at the time of this writing. The rising on-chain activity for Shibarium has helped increase Shiba Inu's daily burn rate, thus increasing value to the holders.

News data source: kdj.com

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