The past 24 hours have been quite eventful for Shiba Inu (SHIB). The overall revival in the cryptocurrency market enabled SHIB to surpass the psychological threshold of $0.00001, bringing some relief to investors. The upward movement of Bitcoin helped altcoins gain similar momentum. During BTC‘s efforts to surpass the $57,000 threshold, SHIB and similar altcoins also overcame their resistance points, achieving positive momentum.
Meme Coin Shiba Inu (SHIB) Breaks Significant Resistance
The cryptocurrency Shiba Inu had been trading below the $0.00001 threshold since February 16. During this period, it was observed that large whales accumulated tokens at this level. However, the recent uptrend has helped SHIB overcome the $0.000009 resistance.
Particularly, on February 15 and 16, attempts to recover the price of the cryptocurrency met with the $0.00001005 resistance. Yet, the meme coin SHIB managed to surpass this resistance on February 16, holding above $0.000009 and preparing for a new rise.
Bears tried to push SHIB below the $0.000009 level, but the slight uptrend over the weekend thwarted these attempts. Currently, the cryptocurrency SHIB is above $0.00001 due to the recent uptrend. However, even though the meme coin’s price rose to $0.00001024, it encountered some resistance at this level and experienced a pullback.
What Do Technical Indicators Say About SHIB?
Looking at technical indicators, the cryptocurrency SHIB appears to have gained momentum in its short-term uptrend. Trading volume has significantly increased in the last 24 hours, and Open Interest (OI) has risen. This suggests that long positions are increasing and the rise in short liquidations is triggering an uptrend.
However, there is currently a decline in SHIB’s momentum, and the price needs to stay above the $0.00001006 level to prevent falling below $0.00001. Looking at the Fibonacci support levels, the next solid support is seen at $0.000009668. These levels are emerging as points that investors should closely monitor. Lastly, it’s worth noting that the cryptocurrency Shiba Inu is still 88% away from its peak levels.
