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Shiba Inu has been propelling silent ultra-bullish moves in the markets. While its milestones have gone underreported, the meme coin has managed to put up a decent fight against the bears. SHIB significantly rallied over the weekend, hitting levels last seen four months ago.
SHIB breaks resistance
After falling from the $0.00002 level in May, SHIB consolidated below the $0.000013 critical resistance zone. Attempts at reaching the zone had been met with aggressive rejections. Consequently, SHIB had constantly traded below the level since May 11.
The intensity of the bear market in mid-June mainly dealt a more significant blow to the value of Shiba. The asset got pushed below its $0.000010 support level on June 11, when the markets witnessed record declines. Shiba Inu traded below this support level till June 20.
The asset had, however, remained below $0.000013 until recently. SHIB staged a breakout from the resistance level on August 14 amidst the comeback from the crypto markets. Following the breakout, the asset surged further, reaching a 3-month high of $0.00001774.
Shiba Inu’s whale transaction count hits a 4-month high
Although the weekend rally has lost momentum, SHIB has remained above the $0.000015 resistance zone. At the time of reporting, the asset trades at $0.00001583, having gained by 6% in the past 24 hours. At this level, should the markets put up a replica of the recent comeback, SHIB could start gunning for the $0.000018 level.
Amidst this bullish performance, SHIB’s network activity witnessed a 4-month milestone over the weekend. The whale transaction count hit a value that the markets had not seen since April 12. The network recorded 433 transactions involving Shiba worth $100k on August 14.
Shiba’s recent movements show a promising future for the meme coin. In addition to its price movement and network activity, Shiba Inu’s market capitalisation swelled over the weekend. On August 14, the asset reclaimed a $9B valuation for the first time since May 9. Its valuation has dropped to $8.6B as its price slightly decreased. Despite this, the current valuation remains an improvement from the $6B cap the asset posted last week.
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