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Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant price increase of 7% within the last 24 hours. Within this time frame, the volume of large transactions, which refers to those greater than $100,000, came in 10.43 trillion SHIB tokens, or $299.13 million, according to IntoTheBlock data. Despite this impressive figure, this represents a 52.14% drop in the last 24 hours.
After two straight days of declines that culminated in lows of $0.0000266, Shiba Inu sharply rebounded in Wednesday’s session, reaching highs of $0.00003082.
At the time of writing, SHIB was trading at $0.0000299. Altcoins are seeing price increases across the market, and SHIB was no exception. With Bitcoin and Ethereum consolidating, investors may be reallocating funds to alternative cryptocurrencies in search of quick gains.
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SHIB’s 7% price jump brought it to a retest of the crucial $0.00003 level. A clear rise over this crucial level might open the path for a more sustained rally. However, failure to maintain this trend may result in a fall to previous support levels near $0.0000266.
What’s in store for SHIB price?
Shiba Inu rose to $0.0000331 on Dec. 1, where bulls encountered resistance, with the SHIB price sharply plunging in the next two days that followed. If buyers maintain the price above $0.000030, Shiba Inu might rise to $0.000039.
However, the $0.000033 immediate resistance needs to be cleared first; there is some resistance at $0.000035, but it is expected to be crossed. The $0.000039 level may present a significant hurdle, but if buyers triumph, the Shiba Inu might rally to $0.000047.
Alternatively, if SHIB’s price fails to stay above $0.000030, it could signal that the recent increase was a bull trap. Shiba Inu prices may drop to 0.000026, which is expected to entice buyers.
In other SHIB news, Shibarium Mainnet was just upgraded with the Heimdall and Bor hard forks going live, bringing Ethereum’s Dencun compatibility, improved stability, enhanced efficiency and a new upgradable burn contract to the Shiba Inu layer 2.
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