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Dog-Themed Cryptocurrency Shiba Inu (SHIB) saw a significant price increase of 7% in the last 24 hours. During this period, the volume of large transactions, which refers to those above $100,000, amounted to 10.43 trillion SHIB tokens, or $299.13 million, according to IntoTheBlock. data. Despite this impressive figure, this represents a drop of 52.14% in the last 24 hours.
After two straight days of declines that peaked at a low of $0.0000266, Shiba Inu rebounded strongly during Wednesday’s session, reaching a high of $0.00003082.
At the time of writing, SHIB was trading at $0.0000299. Altcoins are seeing their prices rise across the market, and SHIB is no exception. With the consolidation of Bitcoin and Ethereum, investors could reallocate their funds to alternative cryptocurrencies in search of quick gains.
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SHIB’s 7% price rise caused it to retest the crucial $0.00003 level. A sharp rise above this crucial level could pave the way for a more sustained rally. However, failure to maintain this trend could result in a fall to previous support levels near $0.0000266.
What lies ahead for the SHIB price?
Shiba Inu rose to $0.0000331 on December 1, where the bulls encountered resistance, with SHIB price diving sharply over the next two days. If buyers maintain the price above $0.000030, Shiba Inu could reach $0.000039.
However, the immediate resistance at $0.000033 must be breached first; There is some resistance at $0.000035, but it should be breached. The $0.000039 level may pose a significant hurdle, but if buyers triumph, Shiba Inu could rally back to $0.000047.
Alternatively, if SHIB price fails to stay above $0.000030, it could signal that the recent increase was a bull trap. Shiba Inu prices could drop as low as 0.000026, which should attract buyers.
Additionally, Shibarium Mainnet has just been upgraded with the Heimdall and Bor hard forks going live, bringing Ethereum’s Dencun compatibility, improved stability, improved efficiency, and a new scalable burn contract to Layer 2 by Shiba Inu.