The cryptocurrency market has experienced a significant surge in recent days, with many tokens experiencing a relief rally following US President Donald Trump's statement on Iran. Among these, Shiba Inu (SHIB) has seen a notable increase of over 3%, reaching a price of around $0.000006053 and a market capitalization of $3.56 billion.
This surge in SHIB's price is attributed to various macroeconomic factors and geopolitical events. The recent rise in global tension had been causing concerns among investors, with fears of an expanding Middle East conflict disrupting oil supplies and raising energy crisis concerns. However, following President Trump's statements, tensions are likely to be eased quickly.
With the relief rally underway, many investors are expected to pour money into riskier assets like cryptocurrencies instead of safe havens such as the US dollar or government bonds. This has led to a surge in trading volumes, with SHIB experiencing a 99% increase in its 24-hour trading volume.
Technical analysts believe that SHIB's accumulation structure at the apex of a triangle formation supported by the 100-day moving average line is a strong indication of an impending major upward movement. The 100-day moving average serves as a solid support level, holding the price steady and preventing a sharp drop in recent days.