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Dog-Themed Cryptocurrency Shiba Inu (SHIB) has returned to the top 10 cryptocurrencies by market capitalization, fueled by an impressive 20% increase in the last 24 hours.
Shiba Inu surpassed its November high of $0.00003, signaling a strong breakout and reinforcing bullish momentum. The remarkable rise of the Shiba Inu has placed it back in the top 10 cryptocurrencies by market capitalization. With a market valuation of $18.9 billion, Shiba Inu is currently the 10th largest cryptocurrency by market capitalization, placing Avalanche and Tron in 11th and 12th place, respectively.
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At the time of writing, SHIB was trading at $0.00003223, up 19.98% in the last 24 hours to $0.00003228. Shiba Inu hit an intraday high of $0.00003243, significantly higher than today’s low of $0.0000266. This rapid rise resulted in a huge green candlestick on the daily charts, indicating significant buying pressure.
Notably, Shiba Inu has been on the rise since November 29 and is on track for its third consecutive day of gains. The rally surpassed the critical $0.00003 mark, which is significant as the Shiba Inu rally in November failed to cross this threshold. The breakout is notable, considering the likelihood of further price growth from this level.
What’s Next for Shiba Inu Price?
As SHIB trades above $0.00003, market looks to next Shiba Inu Price resistance at $0.000035. A successful test and break above this level could pave the way for further gains, potentially putting SHIB on the path to a new yearly high. This could open the door for a rally to $0.000039.
However, profit taking could introduce short-term price fluctuations. In this scenario, bulls could look to turn the $0.00003 level into support. If they fail in this attempt, Shiba Inu could return to its previous range of $0.0000225 to $0.0000281.
A violation below the $0.0000225 support level could send SHIB to $0.000020, where buyers are expected to enter.