Shiba Inu’s value has gone up by 7% in the past day, hitting a high of $0.00001051 in early trading today. This increase has caused the price of SHIB to go above $0.00001 once again, after breaking through a key resistance level above $0.000009. A lot of SHIB holders were able to break even at this point.
A large group of 227,830 SHIB addresses bought a total of 162.64 trillion SHIB at prices between $0.000008 and $0.000010, with an average price of $0.000009. Shiba Inu tried to reach $0.00001 twice in mid-February, but couldn’t go past $0.00001005.
Shiba Inu started to recover from a low of $0.00000934 over the weekend and has been going up since then, crossing the $0.00001 level. At this level, 29.02 trillion SHIB were bought by 31,640 addresses. If today ends with gains, SHIB will have its fourth day in a row of going up.
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The increase in Shiba Inu’s price is happening at the same time as a general market rally, with Bitcoin going back above $57,000 for the first time since late 2021. Bitcoin’s price has gone up by 32% since the beginning of the year, leading to more interest in smaller coins like Shiba Inu.
SHIB takes on its next big hurdle
Right now, the SHIB price is $0.0000102. The trading volume for Shiba Inu in the past 24 hours has also increased by a huge amount, going up by 201.95% to reach $360.1 million. Because of this recent increase in price, SHIB faces a big challenge: 147.6 trillion SHIB were bought by 235,590 addresses at an average price of $0.000011, within the range of $0.000010 and $0.000013.
Technically, the $0.0000105 level that was reached today and on Jan. 11 is an important level to keep an eye on for Shiba Inu’s rally to continue. If the price stays above this level, there could be more gains and it might even reach the $0.000011 level next.