- Shiba Inu (SHIB) rises 5% amid market struggles, signaling possible breakout.
- SHIB shows potential for $0.00001 as meme coin popularity and burns grow.
- SHIB’s price holds above $0.00000093, with key resistance at $0.0000105.
Shiba Inu (SHIB) has gained 5% in the last 24 hours, despite broader negative trends in the cryptocurrency market. While the token has recently experienced a 5% decline over the past week and a 20% drop in the last month, this recent uptick shows promising signs. Currently, the price remains above $0.00000093, which may signal an early potential breakout if momentum continues.
Despite SHIB’s positive short-term performance, the general crypto market has been under pressure. The market fell by 1.07% in the past 24 hours and 7% over the last week, partly due to the U.S. government shutdown.
Market Conditions and Shiba Inu’s Potential
The potential for Shiba Inu to erase another zero from its price is gaining attention. While the market remains bearish, the continued popularity of meme coins like SHIB, Dogecoin, PEPE, and Floki fuels growing interest.
In particular, Shiba Inu’s burn mechanism, which has reduced its total supply by 3,045,550 SHIB tokens in just 24 hours, is contributing to its price potential.
Moreover, there has been an increase in activity within the Shibarium blockchain layer, which could further improve the token’s attractiveness and utility. The rise in SHIB derivatives, with trading volumes up 11% to 116.94 million, signals increasing interest in the token’s futures.
Shiba Inu Faces Resistance at $0.0000105
Shiba Inu’s price has recently surged to $0.0000918, breaking through previous resistance levels. The next major hurdle is the $0.000095 mark, followed by the key level of $0.0000105. If SHIB manages to break past this level, it may move closer to the coveted $0.00001 milestone.
However, the token is facing strong resistance as it remains in a bearish phase. Technical indicators like the Relative Strength Index (RSI) and the 50-day, 100-day, and 200-day exponential moving averages (EMAs) show that SHIB is still below critical resistance levels.
If SHIB can sustain its current support level of $0.0000090 and increase on-chain activity, a continued recovery could be possible. But if it falls below this support, further downside risks may follow, with a potential retreat to $0.000075.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
