The recent recovery in the market, Shiba Inu (SHIB) allows for more gains while seeing new price levels.
cryptocurrency The market started the new year with a high level. Several cryptocurrencies have posted significant gains over the past 24 hours, supported by bullish market sentiment regarding the possible launch of a spot Bitcoin ETF in the US.
The Shiba Inu was not left behind in this latest rally. At the time of writing, it has increased by a reasonable 4%. According to analyst SHIB KNIGHT, Shiba Inu’s latest breakthrough puts him impressively on track to reach new heights.
The analyst points out three main price levels that SHIB investors should pay attention to on the 2-hour chart. $0.00001085, $0.00001097, and $0.00001118. Notably, SHIB has made a possible stop higher on the time frame.
At the same time, the cryptocurrency has already surpassed the $0.00001085 range at the time of writing.
Shiba Inu Continues Positive Momentum
SHIB showed impressive performances in the last rally. The cryptocurrency has traded above the crucial $0.00001 mark for two consecutive weeks, after claiming that range on December 18.
Koinfinans.com As we reported, SHIB price action is largely driven by increased interest in the project’s layer-2 network, Shibarium. Shibarium has over one million interactive wallets and reached this milestone faster than other layer-2 networks such as Arbitrum and Optimism.
Shibarium increased use means faster breeding in the Shiba Inu (SHIB). This affects the token price positively. The Shiba Inu team has already burned more than 33 billion SHIB tokens from Shibarium. These developments are among the factors that excite the community.
SHIB is trading at $0.00001089 at the time of writing. With this, its market capitalization is now over $6.4 billion.
Source : The Crypto Basic