Shiba Inu coin (SHIB) has been rising over the past few weeks to trade above the $0.000032 level. Despite the brief test of the key level at $0.000026, the cryptocurrency remained in a bullish mode.
Since the start of December, the Shiba Inu has surged 14.82% to $0.000033, despite a very minor correction.
The recent rally is quite significant as Shiba Inu prepares to break through its nine-month resistance levels.
Shiba Inu Coin Bullish Momentum Continues
The Shiba Inu coin has been on an upward trend since early November. After forming a 7-week descending wedge pattern, the cryptocurrency rose 54% in the first week of November.
Although there was a slight decline to $0.000026 as observed during the last week of November and early December, SHIB continued to demonstrate bullish trends.
This recent decline has not affected market sentiment in any way; rather it looks like a consolidation before a new rally.
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Analysis of market data reveals that SHIB increased by approximately 87% after the breakout of the descending wedge pattern.
Analysts also maintain a positive outlook for the asset, with some expecting further price increases. Shib Knight, a market commentator, pointed out that SHIB’s weekly chart looks bullish, meaning Shiba Inu could be about to advance further.
The continued bullish sentiment is also supported by analyst Bluntz, who predicted that as retailer interest returns, SHIB could see a price rise.
Key Resistance Levels and Future Price Targets
Shiba Inu coin’s current price of $0.000032 brings it close to some of the most important resistance levels available. The next target is $0.00003487, an area of the resistance level SHIB last tested in March 2024.
If price breaks this barrier, SHIB could potentially reach the 1.272 Fibonacci retracement level of $0.00003924.
A break above this level could then open the door for further price appreciation and cause SHIB to reach the psychological level of $0.00004.
Subsequently, if Shiba Inu should continue to upward trendit might be possible to reach the next Fibonacci level of $0.00004697. Such targets indicate that Shiba Inu could be gearing up for a larger upside, although this depends on overall market conditions.
Increase in large transactions signals increased demand
Transaction data from IntoTheBlock also shows an uptick in large transactions on Shiba Inu, suggesting greater attention and demand for the digital asset.
The daily large trading volume also reached $624 million on December 2, which is higher than the numbers seen in recent weeks. This is still an uptrend.
However, the volume is slightly lower with $367 million in volume recorded on December 4.
The high trading volume indicates that institutional or high-net-worth investors will likely be more interested in SHIB, which will contribute to the price continuing to rise.
From November 29 to December 3, bulls controlled the market where 7.4 trillion SHIB was purchased on December 3.
At the time of going to press, Shiba Inu Coin Price (SHIB) is trading at $0.00003203, up 6% in the last 24 hours. Its market capitalization is $18.87 billion, with a 24-hour trading volume of $4.75 billion, an increase of 44.52%.
The price shows recovery from $0.00002968, with consistent bullish momentum throughout the day.