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Dog-themed cryptocurrency Shiba Inu (SHIB) is up 7% in the last 24 hours, reaching intraday highs of $0.00001051 in early trading today. The rally has caused SHIB's price to erase a zero, breaking above the $0.00001 barrier once more.
The rise comes after SHIB broke over a critical resistance level above $0.000009, which was also the break-even point for many SHIB holders.
According to the IntoTheBlock Global in/out of money indicator, a massive cluster of 227,830 SHIB addresses bought a total of 162.64 trillion SHIB at prices ranging from $0.000008 to $0.000010, with an average price of $0.000009.
It should be recalled that Shiba Inu made aim at $0.00001 on two occasions in mid-February, but bullish attempts ended at highs of $0.00001005 without going further.
Shiba Inu began a recovery from lows of $0.00000934 during the weekend and has climbed since then, breaching the $0.00001 level, where 29.02 trillion SHIB were bought by 31,640 addresses, once again. If today closes in green, SHIB will mark its fourth consecutive day of gains.
Tomiwabold OlajideThe Shiba Inu price increase also corresponds with a general market rally, with Bitcoin retaking the $57,000 milestone for the first time since late 2021. Bitcoin's price has risen 32% since the start of the year, extending a long-running rally that has fueled speculative interest in smaller coins such as Shiba Inu.
SHIB takes on its next big hurdle
At the time of writing, the SHIB price was trading at $0.0000102. Shiba Inu's 24-hour trading volume has also matched the price increase, skyrocketing 201.95% to $360.1 million worth.
The recent price rally has brought SHIB to its next big hurdle: 147.6 trillion SHIB were bought by 235,590 addresses in the range of $0.000010 and $0.000013 at an average price of $0.000011.
Technically, on the upside, the $0.0000105 level that was reached today and on Jan. 11 remains a key level to watch for the continuation of Shiba Inu's rally. A sustained close above this level may result in more gains, potentially targeting the $0.000011 level next.
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