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SHIB ends the week as the most trending coin after rising 18%

SHIB ends the week as the most trending coin after rising 18%

Shiba Inu (SHIB) is closing the week where it started as the most popular cryptocurrency in the market, with the dog meme token ranking first on CoinMarketCap’s trending list.

Indeed, SHIB is now trending above both Bitcoin (BTC), the most well-known digital asset on the cryptocurrency market, and (FET), which is currently in third place.

SHIB is the most trending crypto. Source: CoinMarketCap

Leading the market in terms of searches and popularity as the most trending coin Shiba Inu is currently changing hands at $0.000009747, up 6.15% in the last 24 hours and a further 18.08% across the previous week. 

SHIB 7-day price chart. Source: Finbold

Notably, the dog meme token, after adding $900 million to its market cap in the last week, is now worth a total of $5.35 billion.

The next target level for SHIB now is $0.00001 after breaking above the crucial daily moving average (MA) 50 barrier of $0.0000087, which had served as the cryptocurrency’s ceiling since November 10.

SHIB technical analysis

SHIB’s TradingView’s technical analysis (TA) indicators on 1-day gauges for SHIB, the sentiment is bullish, indicating ‘buy’ at 14. This summary is the result of oscillators pointing toward ‘buy’ at 2 and moving averages suggesting ‘ strong buy’ at 12.

SHIB 1-day chart gauges. Source: TradingView

Aside from that, the machine learning-based algorithms over at PricePredictions have made the forecast that the price at which SHIB would trade by the end of January at $0.000008036 is a bearish estimate. 

However, the crypto community anticipates SHIB to trade at an average price of $0.000010439 on January 31, 2023, according to the most recent count of votes submitted by members of the cryptocurrency community at CoinMarketCap using the platform’s Price Estimate tool. 

It is ALSO important to note that Finbold identified Shiba Inu as one of the five top meme currencies to keep an eye on in the month of January 2023. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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