Shiba Inu (SHIB) is experiencing a strong upward momentum, benefiting from a broader market revival in the digital currency space. After briefly dropping to $0.00002713 over the past 24 hours, SHIB has managed to break past the crucial $0.00003 price level, initiating the second phase of its bullish rally.
With a 3.6% increase over the last 24 hours, the token is gaining investor confidence and showing resilience despite market fluctuations. This recovery is particularly significant as the price has managed to maintain a 22.37% uptrend over the past week, overcoming attempts to pull back.
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SHIB’s Technical Indicators and Market Position Show Room for Growth
The current price action of Shiba Inu indicates that the token is gaining momentum, with a potential for further upside. SHIB has successfully broken through the $0.00003 resistance level, positioning itself 65% away from its all-time high (ATH) of $0.00008845. This milestone now seems achievable, as the token benefits from the current bullish trend that has also helped other major cryptocurrencies, such as Binance Coin (BNB) and Tron (TRX), to recover.
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Although the overall metrics of Shiba Inu have been somewhat volatile over the past few weeks, and even such a critical factor as the burn rate shows signs of variability, the token is still bullishly riding the wave. Analytics indicate that SHIB has the potential for further expansion based on technical aspects. The Relative Strength Index (RSI) stands at 67, indicating that SHIB could continue its upward trajectory before it reaches overbought conditions. The next price target for SHIB is its 30-day high of $0.00003307, making it a key point to watch in the near term.
Source: TradingView
As retail and whale traders increase their positions, Shiba Inu’s trading volume has surged by 17.32%, reaching $3.2 billion. The token’s developers also enhance community engagement through updates, reward campaigns, and scam alert notifications. These efforts help build a more robust and engaged user base, ensuring the long-term sustainability of SHIB’s growth in the competitive crypto market.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.