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Shiba Inu (SHIB) has finally conquered the $0.00003 price threshold, with a push to breach a 2-week high above $0.00003767 amid a surge in trade volume.
The recent achievement comes over a week since it collapsed below the $0.00003 level. Shiba Inu had experienced a remarkable surge to a fresh yearly high of $0.00004563 on March 5, only to encounter resistance at this threshold.
The retracement occurred concurrently with a phase of bearish sentiment in the wider market, further intensifying SHIB’s decline and causing the token to dip below $0.00003. Despite finding support at the lower spectrum of $0.00002, SHIB failed to garner sufficient momentum to reclaim $0.00003.
The recent market recovery provided strength for this endeavor, allowing Shiba Inu to reclaim $0.00003 on March 25. However, the cryptocurrency failed to retain the price level at the time. SHIB’s remarkable resilience saw it accomplish this yesterday when it closed above $0.00003.
Shiba Inu Pushes for $0.000037
Shiba Inu has now surged beyond $0.000031, effectively establishing dominance over the $0.00003 zone. Presently trading at $0.00003127, the asset faces its next resistance level on the daily chart at $0.00003163, corresponding with the 0.618 Fibonacci retracement point.
Surpassing $0.00003163 would pave the way for a significant move toward higher levels. However, Shiba Inu is likely to encounter formidable resistance below the $0.000034 mark, with data from IntoTheBlock (ITB) revealing a substantial sell wall in this region.
Significantly, this position represents the highest concentration of buyers above the $0.000014 region, with 189,440 addresses acquiring 65.78 trillion SHIB at an average price of $0.000031, spanning from $0.000026 to $0.000034. If the asset manages to breach the $0.000034 zone, it could potentially experience an unrestrained rally.
Market data confirms that the next Fibonacci resistance level stands at $0.00003767, marking one of Shiba Inu’s most significant challenges beneath the highly sought-after $0.00004 threshold.
According to ITB data, the $0.000037 zone may present another obstacle for SHIB. Notably, more than 58,620 addresses acquired 6.83 trillion SHIB within this range, spanning from a low price of $0.000037 to a high of $0.000045.
Shiba Inu Overtakes BNB, XRP, ADA in Volume
Despite the anticipated resistance, the bulls may capitalize on the increasing interest in Shiba Inu to orchestrate a robust campaign at surpassing these barriers. SHIB’s trading volume has surged 43% within 24 hours to $2.18 billion, positioning it among the top 10 assets by trade volume.
Interestingly, Shiba Inu has outpaced BNB ($2.06 billion), XRP ($1.85 billion), and Cardano ($606 million) in 24-hour trading volume. Additionally, with a notable 17.33% surge in Open Interest to $114 million, these metrics signify that investor interest is increasingly flowing into the SHIB market, potentially bolstering demand.
The last time SHIB witnessed this growth in volume, it marked a turning point for the token, as it breached $0.00002 and $0.00003 in one fell sweep to hit the $0.000045 peak earlier this month. The bulls are looking to leverage the recent resurgence for a similar uptrend.