Shiba Inu (SHIB) has crossed the crucial price level of $0.00003, targeting a 2-week high above $0.00003767 with rising trade volume. This breakthrough follows a notable retracement from its peak at $0.00004563 on March 5, occurring over a week ago.
Resilience Amidst Market Volatility
The retracement coincided with a period of bearish sentiment across the broader market, intensifying SHIB’s decline and causing it to dip below $0.00003. Despite finding support around $0.00002, SHIB struggled to regain momentum to reclaim $0.00003. However, the recent market recovery has provided the strength needed for this endeavor.
Currently priced at $0.00003127, SHIB has surged past $0.000031, establishing dominance over the $0.00003 zone. It now encounters resistance at $0.00003163 on the daily chart, aligned with the 0.618 Fibonacci retracement point. Exceeding this level may lead to substantial upward movement.
Encountering Resistance
Despite the surge, SHIB may face significant resistance below $0.000034, as IntoTheBlock (ITB) data shows a substantial sell wall in this region. Further challenges lie ahead for SHIB, particularly around the $0.000037 zone.
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Data from ITB shows that more than 58,620 addresses acquired 6.83 trillion SHIB within this range, spanning from $0.000037 to $0.000045. Overcoming this obstacle is crucial for SHIB to continue its upward trajectory.
Despite these challenges, SHIB’s trading volume has surged 43% within 24 hours to $2.18 billion, positioning it among the top 10 assets by trade volume. Impressively, Shiba Inu has outpaced major cryptocurrencies like Binance Coin (BNB), XRP, and Cardano (ADA) in 24-hour trading volume.
Shiba Inu’s Impressive Trading Volume
Furthermore, there has been a notable 17.33% surge in Open Interest to $114 million, indicating a growing investor interest in the SHIB market. This influx of interest could potentially bolster demand and contribute to SHIB’s upward momentum.
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This surge in trading volume recalls SHIB’s turning point earlier this month, breaching both the $0.00002 and $0.00003 levels swiftly, reaching a peak at $0.000045. Investors are now looking to leverage the recent resurgence for a similar uptrend.
Despite encountering resistance, SHIB’s resilience and increasing investor interest could propel it towards higher price levels in the near future.
