Recent market breakout has placed Shiba native token (SHIB) on course for more gains as it eyes new price levels.
The cryptocurrency market has opened the new year on a positive note. Several cryptocurrencies have significantly increased over the past 24 hours. This is due to the bullish market sentiment around the possible launch of a spot Bitcoin ETF in the U.S.
Popular blockchain project Shiba Inu (SHIB) has not been left behind in the latest rally as it gained a decent 4% in the hours leading up to press time. Impressively, SHIB’s recent breakout puts it on course to hit new levels, according to analyst SHIB-KNIGHT.
The analyst noted three major price levels that traders should watch out for on the 2-hourly chart ($0.00001085, $0.00001097, and $0.00001118). Notably, SHIB posted 11 consecutive green candles in the timeframe to set up a possible stint into the higher levels.
Simultaneously, the cryptocurrency has breached the $0.00001085 range at time of writing, leaving the two other major targets up for grabs.
SHIB Maintains Upward Momentum
Despite benefiting from the recent market upswing, Shiba has showcased remarkable independent performance. Sustaining levels above the critical $0.00001 threshold for two consecutive weeks, it firmly secured this position on December 18.
The momentum in SHIB pricing is notably fueled by the increasing interest in its layer-2 network, Shibarium. Shibarium has achieved over a million interacting wallets at a pace surpassing other layer-2 networks like Arbitrum and Optimism.
Shibarium’s heightened utilization accelerates the burning of Shiba Inu (SHIB) tokens, creating a positive impact on the token’s valuation. As of the latest update, SHIB is currently trading at $0.00001089.