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When Michael Saylor recently cheered up the cryptocurrency market by announcing a $21 billion stock offering to allegedly buy more Bitcoin, many digital assets showed up with the color green in their quotes. Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, was no exception, and its price also went into up mode.
What's important, however, is that the price of SHIB reversed from the downtrend right at the crucial support zone at around $0.000011 per meme coin. It was important to see if the Shiba Inu token will finally turn around after three consecutive weeks of downtrend, and the new week started with a bang.
Gamza KhanzadaevWhether there is strategic news behind the recent bullish relief on the market, or SHIB is rebounding because the major support level was hit, remains open to speculation, but the reaction is there.
If the buying power holds, the price of the Shiba Inu token could go as high as $0.000017, which is the next major price point and the next strong resistance.
Momentum was also on SHIB's side, at least for now. Interestingly, it even outperformed Dogecoin (DOGE), its long-time rival and the benchmark for meme coins.
On the same day, SHIB jumped as much as 8%, slightly ahead of DOGE. It is notable considering how closely their price action tends to mirror each other.
Yuri MolchanA short-term breakout? Perhaps. A trend reversal? That is the bigger question. Market sentiment, liquidity and, of course, the unpredictable nature of meme coins will dictate what happens next. But with buyers stepping in at just the right time, things suddenly look a little more interesting for SHIB than they did a few days ago.
Dan Burgin
Vladislav Sopov