Shiba Inu rode on a bullish wave initiated on the general cryptocurrency market as it printed six green hourly candles at a stretch. The price run is more visible on the four-hour chart, where SHIB printed two massive green candles.
SHIB hit the support at $0.0000084 as investors scurried to buy the dip. According to WhaleStats, SHIB was one of the top purchased assets for the biggest ETH whales in the last 24 hours.
Per IntoTheBlock data, large transactions — meaning those that exceed $100K — were up 194% in the last 24 hours. SHIB's price reacted to the buying by these large holders as its price rose to intraday highs of $0.00000935.
At the time of publication, SHIB was up 5% at $0.0000092. On the upside, the $0.000010 level remains a significant barrier to entry.
Since Nov. 10, shortly after the FTX-induced crash, SHIB has remained in a range. While the possibility of further range trading remains, a sustained break above $0.000010 might necessitate the next upside move.
A break above this level could lead to a move toward the $0.000011 level, ahead of $0.0000134. Meanwhile, the Daily RSI is portraying a picture of consolidation or range trading, as it remains at the neutral mark of 50.
On the other hand, SHIB is forming a base at the $0.000008 level, which might curtail further falls.
Crypto market rebounds
Cryptocurrencies rose on Tuesday as investors braced for key U.S. inflation data that might suggest consumer price index (CPI) growth is slowing in response to the Fed's aggressive monetary tightening.
Bitcoin may see an increase in price volatility as several market-moving events are lined up in the next 72 hours. SHIB remains significantly correlated with Bitcoin at 61%; thus, it might be significant to pay attention to the market's moves.