Shiba Inu has sustained its bullish momentum over the past few weeks, as it eyes a nine-month peak after recovering from a recent slump.
In Shiba Inu crypto news, The crypto market is now showing signs of a patchy recovery push following a short period of bearish pressure. As Bitcoin (BTC) collapsed from the $99,800 peak on Nov. 22, altcoins like Shiba Inu (SHIB) suffered.
Specifically, SHIB slumped to a low of $0.000023 on Nov. 26 amid a 6% drop in three days but eventually recovered. It rode on this rebound campaign to record a 15% spike on Dec. 1 but suddenly crashed by over 7% in the days that followed to retest the $0.000026 low.
However, it appears Shiba Inu is now leveraging the ongoing market push to eye greater heights, as BTC finally hits $100,000. The meme coin witnessed a massive 14.82% price rally yesterday, soaring to a peak of $0.000033 before facing a pullback that has spilled into this morning.
SHIB Maintains Bullish Momentum
Market data confirms that despite the previous occasional drops, SHIB has maintained a bullish momentum since early November. The weekly chart indicates that Shiba Inu broke above a 7-week falling wedge when it spiked 54% in the first week of November.
Since breaking out of this pattern, Shiba Inu has been on an upward trajectory, with its current price representing an impressive 87% within this period. Notably, the recent drop to $0.000026 did not invalidate this bullish momentum, with the bulls only leveraging it for the next uptick.
Notably, sentiments among market analysts remain bullish. For instance, SHIB Knight confirmed this morning that the weekly SHIB chart appears “perfect.” According to him, the crypto asset is warming up to embark on the second leg up.
$SHIB 1 Week Chart Looks Perfect & It is Warming Up for the Next Legs! 🔥🚀 pic.twitter.com/6kJ1PtOclj
— $SHIB KNIGHT (@army_shiba) December 5, 2024
Further, notable market commentator Bluntz predicted yesterday that Shiba Inu could witness a pump on the back of retail interest when the next meme coin mania materializes. In his most recent update, he argued that SHIB was on the verge of witnessing a god candle.
Next Shiba Inu Targets to Watch
With Shiba Inu now changing hands at $0.00003137, it now eyes the eight-month resistance around $0.00003487, which SHIB last saw in March 2024. Should the meme coin breach this roadblock, its next stop would be the Fibonacci 1.272 retracement level at $0.00003924.
If the expected god candle materializes, a rapid surge could allow Shiba Inu hit this point, which would eventually set the path for a recovery of the $0.00004 psychological mark. Further rally could allow SHIB to reach the next Fib. Level at $0.00004697.
Notably, a recent emergence of large transactions could help bolster this run. Data from IntoTheBlock confirms that daily large transaction volume spiked to the multi-week peak of $624 million on Dec. 2. Despite a drop, this volume remains high, with $367 million recorded yesterday.
Further data indicates that most of this volume has leaned to the bullish line. From Nov. 29 to Dec. 3, bulls have dominated the scene each day. Particularly, on Dec. 3, bulls bought 7.4 trillion SHIB, translating to an excess demand of 373 billion SHIB.
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.
