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Dog-themed cryptocurrency Shiba Inu (SHIB) is seeking to continue its upward march, having gained 4% in the last 24 hours to $0.000025 at the time of writing.
The recent price surge has been fueled by positive sentiment within the broader crypto market and the Shiba Inu ecosystem, including ongoing developments in Shibarium, its Layer-2 blockchain. Shibarium has crossed 500 million transactions in a major milestone.
Increased activity on the Shiba Inu network seems to have attracted attention from retail investors, even as whale activity appears to have moderated in recent days.
In the coming days, eyes will be on where the SHIB price trends next. In the short term, the next target for SHIB price remains $0.00003 where the Shiba Inu rally stalled on Nov. 12. This resistance where a substantial quantity of SHIB has been bought represents a critical test for the token’s bullish momentum.
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According to IntoTheBlock, 18.66 trillion SHIB were bought in the range between $0.000027 and $0.00003 by 62,470 addresses at an average of $0.000028. Overcoming this level could pave the way for SHIB to realize further gains, but failing to break through may lead to a temporary pullback.
Shiba Inu price action
On Nov. 12, Shiba Inu’s price rally paused at the $0.000030 barrier, indicating that bulls were taking profits.
After three consecutive days of declines, Shiba Inu’s price fell to lows of $0.0000229 on Nov. 15, where buyers bought the dip. If SHIB’s price sustains the current rebound, buyers might once again seek to drive Shiba Inu above $0.000030. If they can pull it off, Shiba Inu might increase to $0.000033 and then to $0.000039.
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According to IntoTheBlock data, 94.12 trillion SHIB were bought in the range between $0.000019 and $0.000024 by 93,972 addresses at an average price of $0.000022, representing the next major significant support for the Shiba Inu token.
Thus, in the coming days, if the SHIB price falls from the current level or the overhead resistance and breaks below $0.000022, it will indicate that Shiba Inu may swing within the broad range of $0.000030 to $0.000013 for a few days.