Shiba Inu (SHIB) Eyes Cardano's (ADA) Spot After Surpassing Avalanche (AVAX)

Shiba Inu's (SHIB) market cap has surpassed that of Avalanche (AVAX) today, following a 7% price increase in the last 24 hours.

Shiba Inu (SHIB) has flipped Avalanche (AVAX) in the crypto market cap rankings, following a 7% price increase in the last 24 hours.

Currently, SHIB has a market cap of $10.98 billion, ranking it as the 12th most valuable cryptocurrency in the market. However, if SHIB’s price continues to increase, it could move up the rankings.

At the beginning of the weekend, Shiba Inu’s market cap was below $10 billion and its price was trading around the $0.000016 level. Market cap is calculated by multiplying circulating supply with the price. Today, SHIB’s price climbed to above $0.000018, indicating that the increase in value contributed to this flippening.

Meanwhile, AVAX did not register any significant price increase, making it easy for the meme coin to climb above the smart contracts platform’s native token.

According to IntoTheBlock, the cryptocurrency was able to achieve this move due to a decrease in selling pressure. For example, the Coins’ Holding Time increased by 30% in the last seven days.

Holding Time refers to the period that a cryptocurrency has been held without being transacted or potentially sold. When it decreases, it implies that holders are selling their assets. Since the trend is the opposite, it indicates that holders have refrained from liquidating their assets.

This could continue to put upward pressure on SHIB’s price if it is sustained. Another factor that could influence Shiba Inu’s potential for further gains is its social dominance.

Social dominance, in this context, measures the proportion of SHIB-related discussions compared to other cryptocurrencies across social media platforms. A rise in social dominance often correlates with increased investor interest, which can help fuel demand and drive the price up.

On the other hand, a decrease has the opposite effect, as it signifies a drop in conversations around a token. For SHIB, if social engagement continues to trend upward, it could attract new investors and provide momentum for further price growth.

Shiba Inu’s Price Target: Token Eyes $0.000026

On the daily chart, Shiba Inu’s price has successfully broken out of a symmetrical triangle pattern.

A symmetrical triangle pattern forms when price movements create a horizontal line along the swing highs and a rising trendline along the swing lows. This pattern reflects a period of consolidation, as buyers and sellers struggle to gain control, causing the trading range to narrow.

Therefore, this breakout often signals the potential for a continuation in the breakout direction, suggesting that SHIB might see further upward movement.

However, SHIB will need to avoid falling back into the channel to prevent invalidating this bullish setup. If bulls defend this pattern, then the token’s price might climb to $0.000020.

In a highly bullish scenario, it could reach $0.000026 and possibly push Shiba Inu’s crypto market cap above Cardano (ADA). However, failure to surpass the $0.000020 resistance could pull the price back to $0.000014.