Shiba Inu, a meme-based cryptocurrency, has been the center of attention in the digital currency world due to its impressive performance over the past month. The spotlight shines on SHIB as it shows potential for a bullish breakout, with its value progressively climbing. At time of reporting, the Shiba Inu Coin’s price is $0.00003081, experiencing a slight uptick of 11% in the last 24 hours.
The meme-based digital currency has experienced a remarkable increase of more than 14% since the week commenced, propelling its value above the $0.00003 mark. This specific price level holds critical importance in the context of Shiba Inu Coin’s recent market performance.
Presently, with a market capitalization of $18 billion, Shiba Inu Coin is recognized as the 11th most valuable cryptocurrency in the global market, as listed by CoinMarketCap. Additionally, there’s been a significant surge in trading activity, with its 24-hour trading volume escalating by 122% to reach $1.69 billion. This uptick in trading volume highlights the continuing excitement and investment interest surrounding cryptocurrency.
Looking back at the rally from late February to early March, Shiba Inu’s price trajectory was nothing short of meteoric, achieving a 300% increase and momentarily reaching the $0.45 mark before a significant correction occurred. This cycle of reaching the $0.00003 benchmark, followed by a rally and subsequent resistance, has become a familiar pattern.
On the latest trading day, Shiba Inu’s price momentum was aimed at surpassing the $0.3 resistance, albeit without success. Yet, the consistent upward movement and resilience hint at a possible bullish breakout if it can firmly overcome the $0.000031 mark.
As the month ends and the crypto market enjoys a sustained bull run, speculation about a potential second rally for Shiba Inu. The crypto community is keenly watching if Shiba Inu will navigate beyond its current threshold, potentially setting a new direction for its market journey.
The Relative Strength Index (RSI) has positioned SHIB well above the median line, signaling a strong buying pressure. Concurrently, the Moving Average Convergence Divergence (MACD) histogram suggests a bullish trend as the gap between the MACD line and the signal line widens, indicating a bullish trend.
