Shiba Inu, the dog-themed coin, remained in the spotlight lately due to significant sell-offs in SHIB tokens. Optimism brewed as on-chain data suggested a potential price rally. Shiba Inu also managed to dodge a bearish market indicator known as a death cross, sparking hope for a positive market shift. There had also been some whale movements.
Today, the crypto finally saw a notable uptick, with SHIB surging over 9% in the last 24 hours. It reached intraday highs of $0.00001043 in trading, successfully erasing a zero and breaking above the $0.00001 barrier once again.
The positivity surrounding SHIB
The positivity surrounding SHIB has been fueled by its recent rise above a critical resistance level of $0.000009. This breakthrough was significant as it served as the break-even point for many SHIB holders. According to reports, a substantial cluster of 227,830 SHIB addresses purchased a total of 162.64 trillion SHIB at prices ranging from $0.000008 to $0.000010, with an average price of $0.000009.
It’s worth noting that Shiba Inu previously aimed for the $0.00001 mark twice in mid-February but failed to sustain bullish momentum, reaching highs of $0.00001005 before retracing. However, the crypto began a recovery from its weekend lows of $0.00000934 and has steadily climbed since then.
This climb has seen SHIB breach the $0.00001 level once again, with 29.02 trillion SHIB being bought by 31,640 addresses. Assuming today’s session is positive, SHIB will mark its fourth consecutive day of gains, adding to its recent optimism.
Other developments and the global market
Recent developments surrounding Shiba Inu have been quite positive. As per reports, SHIB managed to avoid a concerning signal called the death cross, which could indicate a bearish market trend. When the price hovered around $0.0000096, SHIB successfully steered clear of this indicator, leading investors to hope for a positive turnaround in its market direction.
However, SHIB tokens were sold off over the past two weeks. This might have been a trigger for the significant rally in SHIB’s price. Additionally, on-chain metrics support Shiba Inu’s upward trajectory, further supporting its positive trajectory.
As for the current status of Shiba Inu, it is trading at $0.00001043, marking a 9.67% increase over the past day.
Turning to the global market, there has been a notable uptick. The total crypto market cap stands at $2.14 trillion, reflecting an 8.19% increase over the last day. The total crypto market volume in the past 24 hours surged to $111.64 billion, a 97.93% increase. Bitcoin’s dominance currently sits at 51.82%, showing a 1.09% increase over the day.
