Shiba Inu Spikes 26% in Recovery Push Toward $0.00003

Shiba Inu (SHIB) recently spiked 26% amid the ongoing market resurgence, indicating a strong push toward the critical threshold at $0.00003.

The market is experiencing a downturn after a sustained uptrend in late January. Bitcoin (BTC) surged 91% from its low of $38,555 on Jan. 22 to reach its most recent all-time high of $73,777 on March 14, eliciting a favorable response from the wider market.

Shiba Inu capitalized on this significant uptick. Despite entering the trend at a later stage, the cryptocurrency surpassed market expectations by surging 378% from $0.000009536 on Feb. 23 to achieve a multi-year high of $0.00004563 on March 4.

SHIB encountered strong resistance at the $0.000045 high, resulting in a retracement. The broader market joined SHIB in the drop from March 14, when BTC also witnessed a correction from its latest ATH above $73,000.

Shiba Inu Soars 26% in Recovery Push

With the market poised for a comeback, Shiba Inu seeks to capitalize on this momentum to regain the losses incurred during the retracement. SHIB embarked on its recovery journey yesterday, shortly after testing the support level at $0.000023 on March 16.

After plummeting to $0.00002380 amid a 15% decline on March 16, Shiba Inu promptly initiated a recovery effort, rallying to a peak of $0.00003020 on March 17. This represented a notable 26% surge from the low recorded on March 16.

SHIB retained the $0.000029 level despite slightly dropping from the $0.00003 threshold, ending March 17 with a 16% gain. The primary aim of this recent recovery push is to recapture and sustain levels above $0.000030, a pivotal threshold that could serve as a springboard for further advancements toward $0.00004.

However, Shiba Inu has not met this objective, as its recent run faced opposition this morning. The token is down 1.46% today yet maintains a 13% gain over the past 24 hours, positioning it as the ninth-biggest gainer among the top 100 crypto assets during this period.

SHIB’s Current Position

At the current price of $0.00002914, Shiba Inu has recovered 22% of its value since the drop to $0.00002380. Nonetheless, data provided by IntoTheBlock (ITB) indicates that the asset remains susceptible to a potential decline to $0.000026, which represents the minimum purchase price for break-even addresses.

To mitigate the risk of further declines below $0.00003, Shiba Inu would need to surpass the $0.000034 price level. Subsequently, breaking through the supply wall between $0.000034 and $0.000037 would be essential for the asset to secure the $0.00004 territory.

Fortunately, Shiba Inu’s technicals remain predominantly bullish, bolstering the likelihood of an upcoming rally. Despite its current price of $0.00002914, SHIB’s relative strength index (RSI) stands at 58.44, indicating that the asset is well below overbought levels and still has considerable room for growth.

As previously reported by The Crypto Basic, Shiba Inu still faces minimal resistance on the path toward $0.00008845. Although four supply walls stand between the asset and this price territory, transaction volumes at these supply walls remain low.