Shiba Inu (SHIB) is drawing attention with its developing uptrend structure and significant price increase. Recently, the cryptocurrency has shown positive dynamics.
Formation of SHIB's Uptrend Structure
SHIB is currently trading at $0.00001315, up 1.70% from the previous day. Technical analysis shows that higher lows are forming on the chart, indicating strengthening upward momentum. If this trend continues, testing key resistance levels may be imminent.
Market Context and Ecosystem Impact
The total cryptocurrency market capitalization has reached $4.1 trillion, potentially signaling the onset of altcoin season. Analysts note that once SHIB’s market cap hits between $30 billion and $50 billion, other ecosystem tokens may rise as well.
Key Support and Resistance Levels
Currently, SHIB is trading around $0.00001317, reflecting a 1.65% gain. The chart identifies a green support zone around $0.00001308 and a yellow resistance zone between $0.00001410 and $0.00001440. Maintaining price action above the green zone is crucial for sustaining the uptrend.
The price status of SHIB indicates potential further growth, provided key support levels are maintained. The upcoming trading sessions will be vital for confirming the uptrend.
