Shiba Inu Breaks Through Crucial Resistance Point With 10% Climb

Christian Encila

Last Updated: June 21, 2023 10:13 am

3 mins read

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Shiba Inu (SHIB) has recently experienced a significant breakthrough in its price movement. With a 10% rally, SHIB managed to surpass a crucial resistance point that had been hindering its upward momentum. This achievement has sparked excitement among SHIB investors and the wider cryptocurrency community.

After a period of consolidation, Shiba Inu broke through the resistance threshold at $0.000007, marking a crucial milestone for the cryptocurrency. This resistance level had been a major barrier for SHIB’s upward movement in recent weeks. However, with its recent 10% rally, Shiba Inu demonstrated its ability to overcome obstacles and regain bullish momentum.

SHIB’s Positive Price Performance

Shiba Inu’s rally can be attributed to its positive price performance over the past 24 hours and the last seven days. According to CoinMarketCap, SHIB’s price currently stands at $0.00000735. Within the last 24 hours, SHIB witnessed a notable 2.78% increase, contributing to its overall upward trend.

At the time of writing, SHIB data showed that the coin experienced an impressive climb of 10% in the last week, indicating sustained positive sentiment and growing interest among investors. The chart below shows the meme coin maintaining its foothold in the green zone in the last 24 hours.

SHIB price movement in the last 24-hours. Source: CoinMarketCap

The breakthrough of the resistance point holds several implications for Shiba Inu investors. Firstly, it instills confidence in the market, suggesting that SHIB has the potential to continue its upward trajectory. Breaking through this resistance level may attract more buyers and investors who were previously hesitant due to the barrier it presented.

The rally signifies increased trading activity and liquidity for SHIB. As more investors enter the market, the trading volume for Shiba Inu is likely to surge, leading to improved market depth and reduced volatility. This can be beneficial for both short-term traders looking for price fluctuations and long-term holders seeking stability.

SHIB market cap currently at $4.4 billion. Chart: TradingView.com

Moreover, the successful breach of the resistance level could be seen as a bullish signal by technical analysts. It may attract attention from traders who utilize technical analysis methods to identify trends and patterns in the market. This increased attention can further contribute to SHIB’s positive price performance and potentially propel it towards new price highs.

Meanwhile, Shiba Inu took the No. 1 spot in the wake of its solid price surge based on crypto social and market activity. According to 1-day data on June 18, SHIB’s social volume jumped to 13,100 and the total number of social engagements reached 193,858,991.

Shiba Inu performing strong in the social and market activity department. Source: LunarCrush

Looking Ahead

As Shiba Inu continues to break through crucial resistance points and demonstrate its ability to rally, the future looks promising for the meme-inspired cryptocurrency.

This achievement has sparked optimism among SHIB investors and the wider cryptocurrency community, attracting more attention to the meme-inspired coin.

With sustained positive price performance and increased trading activity, Shiba Inu continues to make its mark in the crypto space, captivating the imagination of investors and enthusiasts alike.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.