The Shiba Inu witnessed a significant surge today, gaining nearly 20%, pushing the spot trading price to $0.000014.
Entry into the $0.000015 marker was quickly rejected, but the asset outperformed other cryptocurrencies belonging to the top 10 list in that particular sector, including Bitcoin and Ethereum.
- SHIB increased by 31.7% over the last 7 days
- Shiba Inu Rejected Today at Critical $0.000015 Marker
- Asset price correction is imminent again
It appears that SHIB continues to benefit from Dogecoin’s rise, as this latest price increase took place on the same day that Dogecoin gained almost 80% before experiencing a slight price correction.
Shiba Inu’s $1.8 billion trading volume was also impressive, registering a 167% increase. However, this dropped a bit as spot trading prices of cryptocurrencies fell slightly.
According to the latest data at press time, coin gecko, the Dogecoin spin-off meme altcoin is trading at $0.000013. The 24-hour lift fell to just 9%, but is up 31.7% over the past seven days.
Shiba Inu: Dealing with Selling Pressure
A look at the SHIB chart shows that selling pressure may continue unabated. movement Towards the 0.382 Fibonacci retracement level (FBI) of $0.0000128 or the 0.5 FBI of $0.0000122.
Source: TradingView
This erases the bullish momentum the Shiba Inu gained over the past few days when it broke through the $0.000015 marker.
The Asset Relative Strength Index (RSI) is in the overbought zone, indicating that the SHIB price needs to stabilize before the uptrend resumes.
One of the key things to watch out for during this price dumping phase is buying pressure. If this pressure persists, it could lead to a test of the $0.000016 levels.
The Shiba Inu is on the bullish side, at least on this day, and is less likely to experience high volatility. Its price movement can fluctuate between $0.000015 and $0.0000128.
Shiva Eternity Hasn’t Helped Shib Yet
One thing the developers and the SHIB community hope to help crypto reach higher levels is shiva eternity game.
This is a free mobile card fighting game released on both Android and IOS platforms on October 6, 2022 and is part of an ecosystem of assets still in development.
Unfortunately, even after coming online, the game failed to give the altcoins any momentum to emerge from its slump. The bleeding of virtual coins has stopped.
Recently, SHIB also indirectly took advantage of news about Elon Musk’s Twitter hijacking, piggybacking on DOGE’s moment of surge after the deal closed this week.
SHIB total market cap at $6.8 billion on the weekend chart | Featured image from Somag News, Chart: TradingView.com Disclaimer: The analysis represents the author's personal interpretation and should not be construed as investment advice.
