Shiba Inu has taken the market by storm, recently spiking 62% to breach $0.00002 and establish itself as the top gainer, with an aim to push toward the $0.00003 threshold.
The recent market-wide momentum was triggered by Bitcoin’s (BTC) latest uptrend amid a confluence of dried up supply and increased institutional demand. However, it appears assets such as Shiba Inu have outperformed BTC during this market uptrend despite staying in the background.
SHIB Outperforms BTC, Secures Top Gainer Spot
With Bitcoin’s surge from $51,728 on Feb. 26 to the peak of $64,000 on Feb. 28, the crypto asset recorded a 23% increase. Meanwhile, within this same timeframe, SHIB surged from $0.00000967 to a high of $0.00001473, marking a more substantial 52%.
While Shiba Inu has continued to silently outperform Bitcoin and most mainstream assets in the current uptrend, its recent price spike, which began yesterday, has now placed it in the spotlight.
SHIB surged from $0.00001256 to a high of $0.00001728 yesterday, representing its highest value since August 2022. Despite facing resistance at this high, Shiba Inu showed resilience against the bears, eventually closing yesterday at an 18-month high of $0.00001687 amid a 34% gain.
The rally has now spilled over, with SHIB recording the most substantial price surge for any mainstream asset in the market. Shiba Inu is up by an astonishing 62.33% over the past 24 hours, as it breaches the much-coveted $0.00002 price territory, with a goal to solidify its spot on this level while it prepares to push ahead.
Due to this dramatic surge, Shiba Inu has established itself as the largest gainer among the top 100 assets, towering over Pepecoin (PEPE), which currently boasts a 58.82% surge in 24 hours. SHIB’s push above $0.00002 is a plot to solidly conquer $0.00001 and test the $0.00002 level.
Shiba Inu Aims for $0.00003017
The asset has stationed multiple support levels above $0.00001 in the event of a correction. Having pushed above $0.00002, Shiba Inu now has its eyes set on greater heights. With the $0.00003 territory now the next target to reclaim, SHIB would need to surpass multiple resistance levels to hit this point.
The first major resistance on the monthly timeframe currently sits at $0.00002144, aligning with the Fibonacci 0.382 level. Should Shiba Inu record a sustained uptrend above this zone, it would need to battle the bears at Fib. 0.5, stationed at the potent resistance point of $0.00002581.
A breach of Fibonacci 0.5 would confirm an imminent push toward the $0.00003 territory, as Shiba Inu’s next resistance point currently hangs at the $0.00003017 price, a level the bears would look to leverage for a push to lower levels should SHIB retest $0.00003.
However, breaking these pivotal resistance points in one fell swoop would be challenging for SHIB. As a result, traders can expect a correction before the first major resistance. Nonetheless, Shiba Inu boasts a long-term support at $0.00001605 to hedge against any drops to $0.000015 or $0.00001.
Shiba Inu currently trades for $0.00002050, seeking to break into $0.000021 in the short term. The asset has now decisively towered above its 50-day EMA ($0.00001043) and 200-day EMA ($0.00000936), with an impressive streak of seven consecutive winning days over the past week.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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