Shiba Inu (SHIB) has finally conquered the $0.00003 price threshold, with a push to breach a 2-week high above $0.00003767 amid a surge in trade volume.
The recent achievement comes over a week since it collapsed below the $0.00003 level. Shiba Inu had experienced a remarkable surge to a fresh yearly high of $0.00004563 on March 5, only to encounter resistance at this threshold.
The retracement occurred concurrently with a phase of bearish sentiment in the wider market, further intensifying SHIB’s decline and causing the token to dip below $0.00003. Despite finding support at the lower spectrum of $0.00002, SHIB failed to garner sufficient momentum to reclaim $0.00003.
The recent market recovery provided strength for this endeavor, allowing Shiba Inu to reclaim $0.00003 on March 25. However, the cryptocurrency failed to retain the price level at the time. SHIB’s remarkable resilience saw it accomplish this yesterday when it closed above $0.00003.Â
Shiba Inu Pushes for $0.000037
Shiba Inu has now surged beyond $0.000031, effectively establishing dominance over the $0.00003 zone. Presently trading at $0.00003127, the asset faces its next resistance level on the daily chart at $0.00003163, corresponding with the 0.618 Fibonacci retracement point.
Surpassing $0.00003163 would pave the way for a significant move toward higher levels. However, Shiba Inu is likely to encounter formidable resistance below the $0.000034 mark, with data from IntoTheBlock (ITB) revealing a substantial sell wall in this region.
Significantly, this position represents the highest concentration of buyers above the $0.000014 region, with 189,440 addresses acquiring 65.78 trillion SHIB at an average price of $0.000031, spanning from $0.000026 to $0.000034. If the asset manages to breach the $0.000034 zone, it could potentially experience an unrestrained rally.
Market data confirms that the next Fibonacci resistance level stands at $0.00003767, marking one of Shiba Inu’s most significant challenges beneath the highly sought-after $0.00004 threshold.
According to ITB data, the $0.000037 zone may present another obstacle for SHIB. Notably, more than 58,620 addresses acquired 6.83 trillion SHIB within this range, spanning from a low price of $0.000037 to a high of $0.000045.
Shiba Inu Overtakes BNB, XRP, ADA in Volume
Despite the anticipated resistance, the bulls may capitalize on the increasing interest in Shiba Inu to orchestrate a robust campaign at surpassing these barriers. SHIB’s trading volume has surged 43% within 24 hours to $2.18 billion, positioning it among the top 10 assets by trade volume.
Interestingly, Shiba Inu has outpaced BNB ($2.06 billion), XRP ($1.85 billion), and Cardano ($606 million) in 24-hour trading volume. Additionally, with a notable 17.33% surge in Open Interest to $114 million, these metrics signify that investor interest is increasingly flowing into the SHIB market, potentially bolstering demand.
The last time SHIB witnessed this growth in volume, it marked a turning point for the token, as it breached $0.00002 and $0.00003 in one fell sweep to hit the $0.000045 peak earlier this month. The bulls are looking to leverage the recent resurgence for a similar uptrend.
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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