Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Shiba Inu (SHIB) is taking advantage of the broad renaissance of the digital currency ecosystem to chart a bullish growth trend. After drop as low as $0.00002713 in the last 24 hours, the token managed to breach the $0.00003 price mark in an unexpected rebound surge. Up 3.6% in 24 hours, SHIB has effectively started the second phase of its bull run.
Shiba Inu Breaks Its Down Streak
As we saw last week, Shiba Inu price saw some impressive highs and disappointing lows. Overall, it maintained an uptrend of 22.37%, beating out sharp pullback attempts.
Related
The token’s broader metrics are largely unstable, with the burn rate being notably negative most of the time. For its part, Shiba Inu has mainly relied on the broader market trend to maintain its bullish momentum.
Breaking the $0.00003 resistance level places SHIB 65% away from reaching the all-time high (ATH) milestone of $0.00008845. As mentioned, the token could exploit bull market momentum to regain this high. Binance Coin (BNB) and Tron (TRX) did so in the last 24 hours.
Amid notable uncertainty in crypto markets, the fundamentals are there for Shiba Inu to take this ambitious price step. According to technical indicators, the Relative Strength Index (RSI) is showing a reading of 67. This implies that SHIB has more room to grow before becoming oversold again.
The token’s next price target is set at its 30-day high of $0.00003307.
Next steps for SHIB
As whale retailers and traders prepare to increase their Shiba Inu allocation, as shown by the 17.32% growth in trade volume At $3.2 billion, SHIB developers are ramping up community-centered innovation.
Related
With updates on reward campaigns, scam alert notifications and more, the developer team has created a strong and connected community for the project. This is an invaluable resource for the digital currency and its continued growth prospects.
Ultimately, the meme coin hopes to continue to close the gap it maintains with Dogecoin (DOGE) as both intensify the fight for dominance in the sector.