shiba inuBitcoin (BTC) is looking to continue the recent market-wide rally to regain the mid-April high of $0.00001188 as it regains the $30,000 price point.
The Shiba Inu (SHIB) crashed along with the rest of the crypto markets during the recent downturn. It dropped to a 7-week low of $0.00001003 on April 21. However, SHIB is making an early comeback, targeting a 17% rise to its mid-April high of $0.001188 amid continued market recovery.
Koinfinans.com As we reported, despite the downtrend in the market, SHIB remained above $0.00001000, acting as a last line of defense against the $0.000009 drop. After a series of intraday declines, SHIB is again forming a winning streak on the daily timeframe as it tries to record a second daily winning candle today.
Crypto The asset is up 5.14% in the last 24 hours, with a notably 2.7% gain since the start of today. At the start of the latest market-wide rally, the Shiba Inu rallied from $0.00001011 yesterday to $0.00001072 today before meeting resistance.
A pseudonymous crypto trader and a member of the Shiba Inu community identified three targets for the asset in a recent price analysis, with the initial target being $0.00001075. From this level, SHIB will keep its eye on the $0.00001088 price target and eventually attempt to reclaim $0.00001108.
In the case of an extended rally, with the support of the broader market, SHIB could move for a price target of $0.00001188, the mid-April high. Reaching this price level would mark a 17% increase in the asset’s current price, which is currently $0.00001062 at the time of writing.
Specifically, the Shiba Inu’s measurements show bullish signs. The stochastic value is currently at 19.8, indicating that the SHIB is currently oversold and a trend reversal is likely. Also, the Shiba Inu Stock Reserve fell, signaling that selling pressure is easing.
Shiba Inu Continues to Get Interest
Meanwhile meme coincontinued to attract the attention of investors, as evidenced by the latest market trends. As previously reported, the 19th largest SHIB holder has recently collected another 168 billion tokens.
In addition, data from WhaleStats, a leading price monitoring resource, shows that the Shiba Inu is the most traded asset among the top 100 whales on the Ethereum blockchain.
Moreover, SHIB has maintained its position as the largest single asset held by these whale addresses, excluding stablecoins, which account for 11.94% of their total balances of 56.6 trillion SHIB ($601.2 million).
Source : The Crypto Basic