Shiba Inu (SHIB) has entered a renewed bullish phase, capitalizing on the broader recovery in the cryptocurrency market. Despite dipping to $0.00002713 within the past 24 hours, the token rebounded sharply, crossing the $0.00003 threshold. SHIB’s price climbed by 3.6% in a 24-hour window, signaling the beginning of its second bullish cycle.
Price Fluctuations Highlight Resilience
Over the past week, SHIB demonstrated volatility, recording significant highs and lows. However, it maintained a strong 22.37% upward trend, outperforming expectations despite frequent pullback attempts. The token’s burn rate remains erratic, often leaning toward the negative.
Source: CoinMarketCap
Still, Shiba Inu continues to ride the momentum of the broader market to sustain its uptrend. Breaking through the $0.00003 resistance level positions SHIB closer to its all-time high (ATH) of $0.00008845. The token now sits 65% away from reclaiming this peak.
Related article: SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community
Drawing inspiration from recent gains in Binance Coin (BNB) and Tron (TRX), SHIB could leverage the ongoing bullish sentiment to aim for this ambitious milestone. Despite uncertainty in the crypto space, Shiba Inu holds solid fundamentals to support its growth trajectory.
Technical Indicators Signal More Growth
Technical analysis suggests SHIB still has room to rise. The Relative Strength Index (RSI) currently reads 67, indicating the token has not yet entered the overbought zone. The next price target sits at $0.00003307, SHIB’s 30-day high.
Related article: Shiba Inu Holders Eye Critical Levels with Trillions Incoming
Retail and whale investors are increasing their SHIB holdings, reflected in a 17.32% surge in trading volume to $3.2 billion. Developers are also fostering innovation within the community, enhancing engagement with updates on reward programs and scam alerts.
By strengthening its community and driving new initiatives, Shiba Inu aims to close the gap with its rival, Dogecoin (DOGE). Both tokens continue competing for dominance in the meme coin sector, with SHIB positioning itself for sustained growth.
