Shiba Inu (SHIB) has finally broken above the pivotal $0.00001 psychological threshold, spiking 6.21% in the past 24 hours, as it rides on the recent market-wide resurgence.
The crypto market is recording a massive uptrend triggered by Bitcoin’s (BTC) upward momentum, which began last night. Notably, the premier cryptocurrency has spiked 8.58% over the past 24 hours, breaching $53,000, $54,000, and $55,000 in one fell swoop.
As BTC looks to conquer the $56,000 threshold, altcoins such as SHIB have leveraged the upsurge to reclaim their unique psychological resistance points. Notably, Shiba Inu had been trading underneath the $0.00001 threshold since Feb. 16, with whales continually accumulating more tokens below this level.
Shiba Inu Shows Resilience at $0.000009
Efforts at recovering and retaining the price level on Feb. 15 and 16 faced opposition at the $0.00001005 resistance. However, as SHIB dropped from this point on Feb. 16, it held above the $0.000009 price territory, awaiting a market resurgence for another push toward $0.00001.
Interestingly, as the token awaited this market recovery, the bears attempted to form a death cross, which could push Shiba Inu below the $0.000009 zone. However, the token invalidated this pattern in a mild uptick over the weekend.
Shiba Inu has now pushed above $0.00001, riding on the latest market uptrend. The token surged to $0.00001024 yesterday, but the opposition at this price level saw it shed off some of the gains. Despite the mild decline, SHIB retained $0.00001, closing yesterday at $0.00001006 with a 4% increase.
A Commendable Recovery
The crypto asset built on the rally this morning, spiking to a high of $0.00001050 before losing steam. Amid this surge, the 9-day EMA has entered an uptrend, spiking to $0.000009807 as the short-term bullish trend gains momentum.
Amid the uptrend, Shiba Inu’s derivatives metrics have been largely favorable. Trade volume has surged 264% over the past 24 hours to $73.4 million, per data from Coinglass. Meanwhile, Open Interest (OI) has increased to $34.57 million, marking a 17.28% rise in the last 24 hours.
Interestingly, the OI is dominated by long positions, as a surge in short liquidations has triggered a switch in sentiments from bearish to bullish. Data confirms that of the $307K worth of short liquidations in the past 24 hours, about $300K in liquidations occurred over the last 12 hours.
Meanwhile, Shiba Inu is currently witnessing a drop in momentum, changing hands at $0.00001023 at the reporting time. The asset needs to hold above $0.00001006 to hedge against any drops below $0.00001, as its next robust support rests on $0.000009668 at Fib. 0.236.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
