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Shiba Inu (SHIB), the dog-themed meme coin, has surged by a significant 12% in the last 24 hours as the price breaks through several resistance levels. SHIB’s rise comes as most assets jump in on the general market recovery.
Shiba Inu trading volume complements
According to CoinMarketCap data, SHIB price was changing hands at $0.00001478, a huge leap from a low of $0.00001332, where it traded earlier.
Investors in the meme coin are also actively transacting the token, pushing trading volume up by a staggering 164.77% to $404.31 million.
The meme coin has shown potential as it looks to head toward $0.000017. However, it has other resistance levels to breach before attaining that height. Having successfully flipped $0.00001350, it has to face $0.00001495 to hit $0.000015.
If SHIB breaches that level, much will depend on ecosystem dynamics. Notably, sell pressure could be triggered at $0.00001574 as market participants look to profit from their holdings. Investors' ability to manage things at this level could determine whether SHIB might climb to $0.000017.
It is worth mentioning, though, that the Shiba Inu price has been highly volatile for some time now and could shift based on many factors.
Whale activity and EMA breakout fuel optimism
These defining factors include broader market dynamics, internal burn mechanism and whale activities. A recent spike in activity by large holders signaled the current uptick in price. Sustained momentum could support SHIB’s upward trajectory.
The massive token transaction on the network played a critical role in pushing SHIB past the 50 EMA. Now, market participants have their eyes fixed on the 200 EMA, which is close to $0.000016 and could be a possible resistance.
However, with support from SHIB bulls, the meme coin could move past it if the current buying momentum is sustained. During this breakout, market observers will monitor whether SHIB can overcome its volatility and reach new levels.
Vladislav Sopov