Shiba Inu Surges 7%: Breaking $0.00001 Price Mark

Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a remarkable surge of 7% within the last 24 hours. This surge has propelled SHIB’s price to reach intraday highs of $0.00001051 during early trading today, effectively erasing a zero and surpassing the $0.00001 barrier once more.

Breaking Critical Resistance: Key Factors in the Rally

This surge follows SHIB’s breakthrough of a critical resistance level above $0.000009. This level was significant as it represented the break-even point for many SHIB holders. According to data from the IntoTheBlock Global in/out of money indicator, a substantial cluster of 227,830 SHIB addresses purchased a total of 162.64 trillion SHIB within the price range of $0.000008 to $0.000010, with an average price of $0.000009.

Notably, Shiba Inu had previously aimed at the $0.00001 mark twice in mid-February. However, bullish attempts were thwarted, with highs reaching only $0.00001005.

Weekend Recovery and Continuous Gains

Shiba Inu began recovering from lows of $0.00000934 over the weekend and has been steadily climbing since then, successfully breaching the $0.00001 level again. This movement saw 29.02 trillion SHIB being bought by 31,640 addresses.

Should today’s trading session conclude positively, SHIB will mark its fourth consecutive day of gains. This upward momentum coincides with a broader market rally, characterized by Bitcoin reclaiming the $57,000 milestone for the first time since late 2021. Since the beginning of the year, Bitcoin’s 32% price increase has contributed to renewed speculative interest in smaller coins like Shiba Inu.

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Next Milestone and Technical Analysis

As of the latest update, the SHIB price was trading at $0.00001045, with a 24-hour trading volume surge of 201.95% to $360.1 million worth. This recent price surge places SHIB at its next significant hurdle: 147.6 trillion SHIB were purchased by 235,590 addresses within the price range of $0.000010 and $0.000013, with an average price of $0.000011.

From a technical standpoint, the $0.0000105 level reached today and on January 11, it remains a crucial level to monitor for the continuation of Shiba Inu’s rally. A sustained closing above this level may pave the way for further gains, potentially targeting the $0.000011 level next.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.