The price of Shiba Inu (SHIB), the meme-inspired cryptocurrency, has seen a notable surge of over 4% since the beginning of the week, reclaiming its position at $0.00003 per token. What's catching attention, however, is the significance of this particular level to SHIB's recent price movements.
Reflecting on the late February to early March rally, during which SHIB prices soared by almost 400%, breaching the $0.3 per token threshold and hitting highs of $0.45 before undergoing a substantial correction, a pattern emerges. Each time SHIB approached the $0.00003 mark, buyers seemed to step in, propelling prices upwards. However, every attempt to breach this level faced resistance, resulting in sell-offs.
In the past 13 hours, the SHIB price have once again shown upward momentum, with an attempt to surpass the $0.3 resistance point, albeit unsuccessfully. Despite this setback, the persistent growth trajectory and the resilience exhibited by the SHIB price suggest the potential for a bullish breakout, should the $0.00003 threshold be decisively surpassed.
With March drawing to a close amid a crypto market riding high on a three-year bull run, speculation mounts regarding the possibility of a second rally for Shiba Inu. Amid this speculation, attention remains focused on the imminent potential for SHIB to chart a new course, possibly marking a significant turning point in its price trajectory.