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.