Shiba Inu (SHIB), the popular dog-themed meme coin, has clawed its way back above the crucial $0.00003 price point, fueled by a surge in trading volume. This achievement comes just over a week after dipping below this level and follows a period of correction from its March 5th yearly high of $0.00004563.
The recent pullback mirrored a broader bearish sentiment in the cryptocurrency market. However, SHIB demonstrated resilience, finding support around $0.00002. Aided by a market recovery, the token managed to reclaim $0.00003 on March 25th but struggled to hold the ground initially.
Shiba Inu Sets Sights on $0.000037
With yesterday’s decisive close above $0.00003, SHIB has established control over this zone. The next hurdle lies at $0.00003163, corresponding to the 0.618 Fibonacci retracement level. Overcoming this resistance could pave the way for a significant upward trajectory.
However, significant resistance awaits SHIB near the $0.000034 mark. This area represents a concentrated sell wall, indicating potential selling pressure. On the other hand, this zone also signifies a sizable buying force, with over 189,440 addresses accumulating SHIB between $0.000026 and $0.000034. If SHIB manages to breach this resistance, it could trigger an extended rally.
Also Read: Shiba Inu to the Moon (Again?)! Marketing Lead Predicts 247% Rally Before Bitcoin Halving
Can SHIB Maintain Momentum?
Market data reveals the next Fibonacci resistance level at $0.00003767, a significant challenge before reaching the coveted $0.00004 threshold. ITB data suggests another hurdle around $0.000037, with over 58,620 addresses holding SHIB acquired within this range.
Despite these potential roadblocks, the bulls might leverage the renewed interest in SHIB to push past these barriers. Trading volume has surged a staggering 43% within 24 hours to $2.18 billion, propelling SHIB into the top 10 by volume. Notably, it has surpassed established players like BNB, XRP, and Cardano in daily trading volume.
Furthermore, Open Interest has witnessed a significant 17.33% jump to $114 million. This confluence of metrics indicates rising investor interest in SHIB, potentially leading to increased demand. Interestingly, the last time SHIB witnessed such a volume surge, it marked a turning point, propelling the token from $0.00002 to $0.000045. The bulls are hoping to replicate this feat with the current resurgence.
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