Shiba Inu Price Prediction as SHIB Becomes Top 20 Most Traded Coin in 24 Hours – Is a SHIB Pump Coming?

cryptonews.com:

Shiba Inu (SHIB) trading volumes in the last 24 hours recently clocked in at around $160 million across major exchanges, as per CoinGecko data.

While this is low compared to recent history – earlier this month SHIB trading volumes were frequently exceeding $300 million each day – this was enough to put Shiba Inu (SHIB) in the top 20 coins by trading volume.

After a spike in January and February, Shiba Inu trading volumes have been trending lower in recent months, as per data sourced from CoinGecko’s API.

That’s demonstrated by the fact that the 30, 90 and 365 daily moving average of trading volumes all continue to trend lower.

Fading trading momentum isn’t much of a surprise in light of Shiba Inu’s failure to keep pace with the cryptocurrency market’s broader momentum thus far in 2023.

While Bitcoin and Ethereum are up in the 20-30% range each since the start of March, Shiba Inu has fallen about 11%.

That’s despite hype surrounding the upcoming release of Shiba Inu’s Ethereum layer-2 scaling solution called Shibarium, a beta version of which has already been released and has been performing well.

SHIB/USD was last changing hands around $0.00001050, after failing to push back to the north of its 200-Day Moving Average earlier in the session.

The 200DMA has acted as a key level of support turned resistance in recent weeks.

Chart analysis, at least in the short term, suggests that a SHIB pump is likely not going to happen in the immediate future.

Earlier this month, SHIB had been forming an ascending triangle and some had been predicting a break above the $0.00001170 resistance area and a pushback towards annual highs around $0.000016.

However, instead of breaking to the upside, SHIB last week instead broke below an uptrend from the