Shiba Inu Coin Price To Make 129% Jump, Aiming to Hit May High

Shiba Inu coin price is aiming to make a 129% surge, a high of May after the meme coin recovered from its low point of $0.00001473

Shiba Inu (SHIB) has shown promising signs of recovery after hitting a low of $0.00001473. Currently trading at $0.00001871, the meme coin has witnessed a 19% gain in the past seven days. This surge places SHIB as the second-highest weekly gainer among the top 15 cryptocurrencies.

However, despite being in the green, SHIB's investors might be concerned about the low trading volume. As per Santiment's data, the average trading volume for SHIB over the past week was $262 million. This is significantly lower compared to a previous rally in early March, where SHIB soared to a yearly high of $0.000045 and trading volume reached an average of $7 billion.

For SHIB to achieve the previous rise, it will require a substantial increase in trading activity and volatility. According to Santiment, SHIB's volatility recently hit a three-month high of 0.0574. At the same time, the number of daily active addresses has remained low with an average of 3,974.

Historically, substantial price increases in SHIB have occurred when both volatility and active addresses surged together. An increase in both these factors, combined with rising volatility, could potentially propel SHIB to new heights, echoing the impressive gains seen in May 2021 and October 2021.

If we look at the technical aspect, SHIB needs to cross several other levels to achieve a 129% gain. Currently, Shiba Inu coin price is trading at around $0.000019, aiming to breach the $0.00002 mark.

With strong market signals, SHIB is set to overcome resistance levels between $0.00002 and $0.000025, where a sell wall of 97,160 addresses is encountered. As it pushes through these barriers, the path is clear for Shiba Inu to reach new heights, targeting $0.000045.

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