Shiba Inu Surges to Major Resistance Eyeing Next Target to $0.14
- Shiba Inu (SHIB) has witnessed a substantial 21 percent surge in the past two weeks, driven by overall market momentum and positive sentiment surrounding Shibarium.
- Shibarium’s surge in daily transactions to 7.84 million and increased gas fees contribute to the positive momentum, potentially acting as catalysts for SHIB’s price.
Shiba Inu has experienced a notable upswing, surging 21 percent in the past two weeks, driven by the overall market rally and positive sentiments surrounding Shibarium. The cryptocurrency aims to eliminate one zero from its value, aligning with Shibarium’s impressive daily transaction count of 7.84 million.
At press time, Shiba Inu (SHIB) is trading 9.96 percent up at a price of $0.000009336 with a market cap of $5.5 billion After facing bearish pressure two months ago, Shiba Inu reached a low point of $0.00000661 on Oct. 19. Despite initial recovery, the asset encountered recent challenges, leading to a consolidation range of $0.00000802 to $0.00000866 over five days.
November marked the end of this consolidation phase, as SHIB initiated a fresh rally in early December. Within this period, Shiba Inu saw a significant spike of 16.87 percent, rising from $0.00000812 on Nov. 30 to $0.00000949 on Dec. 3. Although it faced resistance around the $0.00000940 level, experiencing a brief dip below it, SHIB has managed to maintain support above the psychologically significant $0.000009 threshold.
The success of Shiba Inu’s objective to remove a zero and reach the $0.00001 price point hinges on its ability to sustain support at $0.000009, which the cryptocurrency aims to utilize as a launching pad for further advancements.