- Shiba Inu (SHIB) experienced a notable 26% surge amidst a broader market recovery,.
- Despite facing resistance at $0.000045, SHIB initiated a recovery effort, aiming to sustain levels above $0.000030.
- SHIB’s technical indicators suggest a predominantly bullish outlook, with potential for a rally.
Shiba Inu (SHIB) has seen a notable surge of 26% amidst the current market rebound, signaling a strong drive towards the crucial threshold of $0.00003.
SHIB surpassed market expectations by rallying 378% from $0.000009536 on February 23 to achieve a multi-year high of $0.00004563 on March 4. Encountering resistance at the $0.000045 high, SHIB witnessed a retracement. The broader market followed suit in the drop, particularly noticeable on March 14 when BTC also experienced a correction from its recent all-time high above $73,000.
Seeking to capitalize on the momentum of the market’s potential recovery, Shiba Inu initiated a rebound shortly after testing the support level at $0.000023 on March 16. After dropping to $0.00002380 amid a 15% decline on March 16, SHIB swiftly began a recovery effort, surging to a peak of $0.00003020 on March 17, marking a significant 26% gain from the previous low.
Despite slightly dropping from the $0.00003 threshold, SHIB retained the $0.000029 level, ending March 17 with a 16% gain. The primary objective of this recent recovery push is to reclaim and sustain levels above $0.000030.
However, Shiba Inu has encountered opposition in its recent rally. The token is down 1.46% today, though it maintains a 13% gain over the past 24 hours, positioning it as one of the top gainers among the top 100 crypto assets during this period. With the current price standing at $0.00002914, Shiba Inu has managed to recover 22% of its value since dropping to $0.00002380.
