Shiba Inu Surges Past Avalanche to Secure 12th Spot

Shiba Inu Surges Past Avalanche to Claim 12th Spot on CoinMarketCap

Shiba Inu (SHIB) has overtaken Avalanche (AVAX) to reach the 12th position on CoinMarketCap, fueled by a significant 8.75% price jump and an impressive 157.08% spike in trading volume. While SHIB experiences bullish momentum, it may face resistance at $0.00001910, with technical indicators hinting at potential consolidation. Meanwhile, Avalanche shows steady growth, maintaining support at $25.74 and facing resistance at $26.75.

Shiba Inu’s Bullish Surge

Shiba Inu is currently trading at $0.00001882, continuing its upward trend and capturing the attention of investors. This surge is marked by a substantial increase in trading volume, which rose by 157.08%, indicating heightened market interest. Two pivotal price levels are in play for SHIB:

• Support Level: $0.00001707, serving as a possible base if prices pull back.
• Resistance Level: $0.00001910, a barrier that could unlock further bullish momentum if broken with sustained volume.

The recent increase in buying activity has propelled SHIB into a short-term uptrend, reinforced by technical indicators that suggest a strong, albeit potentially temporary, bullish outlook.

Technical Indicators Point to Possible Correction

Technical analysis indicates that SHIB’s rally may be nearing a point of consolidation or correction. Key indicators include:

• 4-hour RSI: Reading at 71.21, which signals overbought conditions often preceding a pullback or stabilization.
• 4-hour MACD: Positioned above the signal line, hinting at a potential cooling period that may see prices consolidate before continuing the uptrend.

Avalanche’s Slower But Steady Climb

While Shiba Inu leads in growth, Avalanche (AVAX) has experienced steady, moderate gains. Currently trading at $26.52, AVAX has seen a 3.03% increase, indicating a stable, if slower, bullish trend compared to SHIB. This momentum is supported by the following levels:

• Support Level: $25.74, offering a stable base for AVAX’s current trajectory.
• Resistance Level: $26.75, a point that, if surpassed, could drive the price toward the key psychological level of $27.00, attracting additional buying interest.

AVAX’s technical outlook is more neutral, with a 4-hour RSI reading of 53.51 and a MACD above the signal line, suggesting a steady but not explosive upward movement.

Conclusion

As Shiba Inu’s sharp price increase positions it ahead of Avalanche in market cap rankings, investors are eyeing potential resistance and support levels for both assets. While SHIB may encounter consolidation due to overbought indicators, Avalanche’s steady climb reflects solid fundamentals and moderate growth potential. Both assets continue to show strength, albeit through different market dynamics.