- Shiba Inu surged 20%, breaching key resistance levels and indicating a potential trend reversal.
- SHIB Futures Open Interest spiked by 120%, signaling growing enthusiasm among traders and investors.
- Significant supply reduction with a burn of 102.76 million SHIB in 24 hours may support sustainability above breached resistance levels.
Shiba Inu (SHIB) has experienced a surge in momentum amidst the ongoing recovery trend in the cryptocurrency market. Following a rebound from a local support level, the price of the meme coin shot up by 20%, currently trading at $0.0000112.
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This surge has been accompanied by the breach of a long-standing resistance trendline, hinting at a potential reversal in the prevailing trend. The recent price movement comes on the heels of a previous correction, where Shiba Inu bottomed out at $0.00000943.
This upward momentum has been attributed to increased demand for Bitcoin from traditional markets, which has had a positive spillover effect on altcoins like SHIB. Over a span of five weeks, SHIB saw a significant uptick from $0.0000084 to $0.0000112, representing a 30% increase.
Simultaneously, Shiba Inu Futures Open Interest has witnessed a remarkable surge of 120%. Furthermore, analysis of higher time frame charts indicates a break of the resistance trendline of a falling wedge pattern that has been in place for the past 20 months. The Shiba Inu community has also reported a substantial burn of SHIB tokens, resulting in a significant reduction in supply.
Looking ahead, the Shiba Inu price may target key resistance levels at $0.0000119, $0.0000158, and $0.000018, under the influence of the wedge pattern. Technical indicators such as the Bollinger Band and Average Directional Index suggest that buyers are currently dominating the asset, with the potential for further rallies in the near future.
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