The crypto market is seeing activity around Shiba Inu, which has shown a 10% rise over the last week, sparking new speculation about a possible bullish rally and a target price of $0.00002.
Shiba Inu Amid Growth: Technical Signals and Trading Volume
Shiba Inu has crossed a significant technical threshold by closing above its 200-day moving average. This typically signals a potential medium-term trend reversal. Trading volume has also surged to 4.88 trillion SHIB traded in a single night, more than triple the recently observed daily average. According to the Shibburn platform, the burn rate increased by 869.7%, while the number of active Shiba Inu addresses rose by 14.4% within a single day.
Target Price $0.00002: Insights from the Team's Tweet
This week, Shiba Inu's price moved from $0.00001330 to $0.00001482, marking an 11.4% increase. Attention to the token was reignited by a strategic tweet from the official account @ShibaInuCoin, posing a question about the potential to reach $0.00002. This tweet not only fuels interest in the token but also maintains the broader narrative within the crypto market.
Real Risks for Shiba Inu and the $0.000017 Resistance Level
Despite the optimism, the majority of Shiba Inu holders remain in the red. If the price approaches $0.000017 again, some investors may consider selling their assets. This level has previously acted as resistance, and without clear consolidation above it, any successes will depend on broader market conditions.
While Shiba Inu shows positive momentum, its future price stability hinges on several factors, including trading volume and investor support. Without a clear consolidation above $0.000017, the $0.00002 target remains uncertain.
