Will Shiba Inu Topple Cardano After Crypto Avalanche Defeats?

Shiba Inu (SHIB)'s market cap has outperformed Avalanche (AVAX) today, up 7% in the last 24 hours. This growth means that the Shiba Inu crypto now has a market cap of $10.98 billion, making it the 12th most valuable cryptocurrency in the market.

However, if SHIB price continues to rise, the position may be higher. But will this happen?

Shiba Inu's eyes after Cardano released AVAX

Over the weekend, Shiba Inu's market cap was just under $10 billion, while its price hovered around $0.000016. Market price is the result of supply and price distribution. Today, SHIB's price has risen above $0.000018, with the increase in value contributing to this reversal.

AVAX, on the other hand, did not experience a significant price increase, making it easier for Meme Coin to outperform the smart contracts platform's native token.

According to Into Zeblock, the cryptocurrency was able to climb this way as selling pressure eased. For example, coin holding time has increased by 30% in the last seven days.

Holding Time (Crypting Time) refers to the time it is held without trading or selling. When it goes down, it means that the holders are selling. On the contrary, it means that the owners have refrained from destroying their property.

Read more: 6 best platforms to buy a Shiba Inu (SHIB) in 2024

If this continues, it could put significant pressure on SHIB's price. The Shiba Inu's social dominance is another factor that can influence future profits.

Social dominance, in this context, measures the share of discussions related to SHIB compared to other social media platforms. An increase in social dominance often correlates with high investor demand, which helps to accelerate demand and drive up prices.

On the other hand, the decline is because it means that the conversations around the token have decreased. For SHIB, if social participation continues to rise, it could attract new investors and create impetus for further price growth.

SHIB Price Prediction: Token Targets $0.000026

On the daily chart, the price of the Shiba Inu has successfully broken out of a balanced triangle pattern. A symmetrical triangle pattern is formed when price movements form a horizontal line at swing highs and an uptrend at swing lows. This pattern reflects a period of consolidation as buyers and sellers struggle for control, causing the trading range to narrow.

Therefore, this breakdown is likely to continue in the direction of the breakout, suggesting that the SHIB will see further upward movement.

However, SHIB must avoid falling back into the channel to avoid ruining this brutal setup. If bulls defend this pattern, the price of the token could rise to $0.000020.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

In a very aggressive scenario, it could jump to $0.000026 and possibly push the Shiba Inu crypto market above Cardano (ADA). However, failure to break above the $0.000020 resistance could push the price back to $0.000014.