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Dog-Themed Cryptocurrency Shiba Inu (SHIB) looks to continue its advance, having gained 4% in the last 24 hours to reach $0.000025 at the time of writing.
The recent price surge has been fueled by positive sentiment within the broader crypto market and the Shiba Inu ecosystem, including ongoing developments of Shibarium, its layer 2 blockchain. Shibarium has reached a major milestone in the 500 million transaction mark.
Increased activity on the Shiba Inu network appears to have attracted the attention of retail investors, although whale activity appears to have moderated in recent days.
In the coming days, eyes will be on the next SHIB price trend. In the short term, the next target for SHIB price remains $0.00003 where the Shiba Inu rally left off on November 12. This resistance where a substantial amount of SHIB has been purchased represents a critical test for the token’s bullish momentum.
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According to In the block18.66 trillion SHIBs were purchased in a range between $0.000027 and $0.00003 by 62,470 addresses at an average of $0.000028. Overcoming this level could pave the way for SHIB to make further gains, but failing to clear this level could lead to a temporary pullback.
Shiba Inu lessons
On November 12, the Shiba Inu price rally stopped at the $0.000030 barrier, indicating that the bulls were taking profits.
After three consecutive days of decline, Shiba Inu price fell to $0.0000229 on November 15, where buyers bought the dip. If SHIB price maintains the current rebound, buyers could once again look to push Shiba Inu above $0.000030. If they succeed, Shiba Inu could rise to $0.000033 and then to $0.000039.
Related
According to IntoTheBlock data94.12 trillion SHIB was purchased between $0.000019 and $0.000024 by 93,972 addresses at an average price of $0.000022, representing the next important major support for the Shiba Inu token.
So, in the coming days, if SHIB price falls from the current level or overhead resistance and goes below $0.000022, it will indicate that Shiba Inu could oscillate in a wide range from 0, $000030 to $0.000013 for a few days.