Shiba Inu Coin Eyes Nine-Month Peak Price Surges Past $0.000032

Shiba Inu coin (SHIB) has risen over the past few weeks to trade above the $0.000032 level. Despite the brief testing of the key level at $0.000026, the cryptocurrency has remained in a bullish mode.

Since the start of the month of December, Shiba Inu surged by14.82% to touch $0.000033, despite posting a very minor correction.

The recent rally is quite significant as Shiba Inu prepares to break through its nine-month resistance levels.

Shiba Inu Coin’s Bullish Momentum Continues

Shiba Inu coin has been on an upward trend since early November. Having formed a 7 week falling wedge pattern, the cryptocurrency  rose by 54% in the first week of November.

Although there was a slight decrease to $0.000026 as seen in the last week of November and early December, SHIB has continued to demonstrate bullish trends.

This recent pullback has not affected the market sentiment in any way, it seems more like consolidation before another rally.

The analysis of the market data reveals that SHIB has risen by approximately 87% after the breakout of the falling wedge pattern.

Analysts also retain a positive outlook for the asset, with some expecting additional price rises. Shib Knight, a market commentator, pointed out that the weekly chart of SHIB looks bullish, meaning that Shiba Inu could be about to advance further.

The continuing bullish sentiment is also supported by analyst Bluntz, who predicted that as retail interest comes back SHIB may have a price surge.

Key Resistance Levels and Future Price Targets

Shiba Inu coin current price of $0.000032 puts it close to some of the most significant resistance levels available. The next target is $0.00003487, an area of the resistance level that SHIB last tested in March 2024.

If the price gets past this barrier, SHIB may potentially reach the Fibonacci 1.272 retracement level of $0.00003924.

A breakout above this level could then open the doors to further price appreciation and have SHIB touch the psychological level of $0.00004.

Subsequently, if Shiba Inu is to continue with the upward trend, it may be achievable for it to reach the next Fibonacci level of $0.00004697. Such targets indicate that Shiba Inu could be preparing for a bigger move up although dependent on overall market conditions

Surge in Large Transactions Signals Increased Demand

Transaction data from IntoTheBlock also shows an uptick in large transactions in Shiba Inu, which suggest greater attention and demand for the digital asset.

The daily large transaction volume also rose to $624 million on December 2, which was higher than the numbers observed over the last several weeks. This is still a bullish pattern.

However, the volume is slightly lower with $367 million in volume registered on December 4.

The high trading volume indicates that institutional or wealthy investors are likely to take a further interest in SHIB , which will help the price to continue to rise.

From November 29 to December 3, bulls have been in control of the market where 7.4 trillion SHIB was purchased on December 3.

At press time, Shiba Inu (SHIB) coin price is trading at $0.00003203, up 6% in the past 24 hours. Its market cap is $18.87B, with a 24-hour trading volume of $4.75B, a 44.52% surge.

The price shows recovery from $0.00002968, with steady upward momentum throughout the day.

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