Shiba Inu witnessed an impressive surge, as it jumped by close to 20% today. This pushed its spot trading prices up to $0.000014
It was rejected immediately at the $0.000015 mark, but the asset still outperformed other cryptocurrencies in the same department as the top 10, including Bitcoin and Ethereum.
- SHIB reports a 31.7% rise in the past 7 days
- Shiba inu was today rejected at $0.000015
- The asset is facing another price correction
SHIB appears to continue to profit from Dogecoin rallies, as the latest price pump occurred on the same day Dogecoin rose by nearly 80% and then experienced a minor correction.
Shiba Inu’s $1.8 billion trading volume is also impressive, tallying an increase of 167%. However, this was slightly lower as crypto’s spot trading price fell.
According to the most recent data, press time CoingeckoDogecoin’s spin-off meme altcoin trades at $0.000013 The 24-hour gains fell to just 9.9%, but it is up 31.7% in the past seven days.
Shiba Inu: Dealing with selling pressure
A look at SHIB’s chart shows unabated selling pressure will come with the possibility of a MovementTo the 0.382 Fibonacci retracement level (FBI) @ $0.0000128 and the 0.5 FBI @ $0.0000122.
It will erase any bullish momentum Shiba Inu has gained in the past few days, when it crossed the $0.000015 mark.
The asset’s Relative Strength Index (RSI) ended up being in the overbought zone, indicating the need for the SHIB price to stabilize before a resumption of an upward movement can happen.
It is important to watch out for buying pressure during price dumping. If it persists, this will most likely result in a test at $0.000016.
At this point, Shiba Iu is in a bullish trend. It is unlikely to see high volatility. Its price movements could swing between $0.000015 – $0.0000128.
SHIB Still Needs Shiba Eternity
Developers and members of the SHIB Community hope to make crypto more accessible by releasing the Shiba Eternity game.
This is an Android- and IOS-compatible mobile card fighting game.
The altcoin failed to gain any momentum even after the game went online. The bullish move by the wider crypto market over the past few days has stopped the cryptocurrency’s bleeding.
Recently, SHIB also indirectly took advantage of the news about Elon Musk’s Twitter take-over as it piggybacked at DOGE’s surge moments after the deal was finalized this week.
SHIB market capital at $6.8 Billion on Weekend Chart | Featured image from Somag News, Chart: TradingView.com Disclaimer: This analysis is the author's interpretation only and should not necessarily be considered investment advice.