As a seasoned cryptocurrency researcher with over a decade of experience in the digital economy, I must admit that the Shiba Inu (SHIB) phenomenon has been quite intriguing to observe. I remember when Dogecoin was the darling of the crypto world and now we have Shiba Inu stepping into its paws.
The digital currency based on Shiba Inu dogs, known as SHIB, has seen a rise of 7% over the past day. Large transactions, defined as those worth more than $100,000, amounted to approximately 10.43 trillion SHIB tokens or about $299.13 million during this time period, based on data from IntoTheBlock. However, it’s important to note that this is a decrease of 52.14% compared to the same time frame yesterday.
Following two consecutive drops that ended at a low of 0.0000266, Shiba Inu experienced a significant recovery during the trading day on Wednesday, peaking at 0.00003082.
As I’m typing this, Shiba Inu (SHIB) was being traded at approximately 0.0000299 USD. The prices of various altcoins are on the rise throughout the market, and SHIB is no exception. Since Bitcoin and Ethereum are holding steady, investors might be shifting their resources to other cryptocurrencies in an attempt to capitalize on swift returns.
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SHIB’s 7% price jump brought it to a retest of the crucial $0.00003 level. A clear rise over this crucial level might open the path for a more sustained rally. However, failure to maintain this trend may result in a fall to previous support levels near $0.0000266.
What’s in store for SHIB price?
On December 1st, Shiba Inu reached a peak of $0.0000331, but bulls found it difficult to push the price higher due to resistance. As a result, in the subsequent two days, Shiba Inu’s value dropped significantly. If buyers can keep the price above $0.000030, there is potential for Shiba Inu to increase to around $0.000039.
Initially, it’s necessary to overcome the resistance at $0.000033 before moving forward; there is some resistance at $0.000035, but it should be surmountable. The level at $0.000039 could pose a substantial challenge, but if buyers manage to prevail, the Shiba Inu could potentially reach $0.000047.
If SHIB’s price falls below $0.000030, it might suggest that the recent rise was a trap set by bears. Consequently, Shiba Inu prices could decrease to $0.000026, potentially attracting new buyers.
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2024-12-04 19:31