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Shiba Inu (SHIB) Jumps 7% in One Hour, Defies Market Trends

Shiba Inu (SHIB) jumped 7% in just one hour, beating the overall crypto market’s rise. What’s surprising is this gain happened without any big news or announcements over the weekend. According to U.Today, this means technical reasons likely drove the price up.

SHIB technical analysis and market outlook

Cryptocurrency prices usually rise or fall based on patterns and trends rather than news. SHIB’s recent 7% jump seems to be due to these patterns. Traders and analysts saw SHIB’s price bounce back from a critical level, suggesting it was oversold. SHIB’s price has remained steady for the past week as traders waited for a big move.

According to the hourly chart, Shiba Inu saw three big green hourly candlesticks after hitting support at $0.00002155. SHIB made a big green candlestick, the largest in the last four hours, with the price reaching up to $0.00002395. It was trading at $0.00002357, up 5.52% in the previous 24 hours.

hourly chart of Shiba Inu

Source: TradingView

The broader crypto market is improving, with major cryptocurrencies recovering. This positive trend has renewed investor confidence, which may have led to SHIB’s sudden price jump. The market’s optimism and SHIB’s technical signals were perfect conditions for the token’s value to rise.

As SHIB keeps rising, traders watch its price closely to see how high it can go. This week, the US will release important CPI data for April, which could make the cryptocurrency markets more volatile.

Bitcoin and Ethereum surge, XRP dips

The global crypto market is still experiencing price changes due to high volatility. According to CoinMarketCap, most coins are in the red. The overall crypto market cap has risen by 1.18% to $2.29 trillion in the last 24 hours.

The total market trading volume has also jumped to $56.39 billion, a 52.97% increase from the previous day. Over 90% of this 24-hour trading volume comes from stablecoins.

Let’s examine the prices of top coins like Bitcoin, Ethereum, XRP, Dogecoin, Toncoin, and more.

Bitcoin, the top cryptocurrency, is climbing higher recently. Data from CMC shows BTC up by 2.46%, trading at $62,582. The 24-hour trading volume also surged by 70.48% to $22.5 billion, indicating increased investor interest. Consequently, Bitcoin’s market cap has reached $1.23 trillion.

Ethereum’s second-largest cryptocurrency is trading below $3,000 today, at $2,957. However, its trading volume has increased by 66% to $10.3 billion, which means Ethereum now has a market cap of $354.9 billion.

Trending altcoin XRP isn’t doing as well as other coins. Right now, XRP is down by 0.2% and is trading at $0.50. Earlier today, its price dipped below $0.50 after a big holder sold over 30 million XRP tokens on Bitstamp. Despite this, 24-hour trading volume surged by 124% to $866.6 million.

On the meme coin front, DOGE has dropped by 0.66% in the last day. According to CoinMarketCap, DOGE is priced at $0.142. However, its trading volume has fluctuated by 46.6% to $877.4 million, with a market cap of $20.5 billion.

Meanwhile, among the top ten largest cryptocurrencies, TON is performing well. Yesterday, TON’s price has risen by 5% to $7.32. Its trading volume has also jumped by over 200% to $725.5 million. As a result, TON is now #13 in trade volume, with a market cap of $25.4 billion.

Today’s top gainers include Mode (MODE), a modular DeFi Layer 2 built using the OP Stack and part of the Optimism Superchain. MODE has surged by an incredible 4668%. The price of MODE is now $0.045, with a market cap of $59.4 million.

OctaSpace (OCTA) has seen a significant increase. OCTA’s price surged by 30.02% yesterday, now trading at $2.11. Its trading volume also jumped 486% to $1.5 million, and its market cap is $59.7 million.