The Shiba Inu saw a significant jump earlier today as it gained almost 20%, taking its spot trading price to $0.0000014.
Although it was immediately denied entry at the $0.000015 marker, the asset managed to outperform other cryptocurrencies that belonged to the top 10 list in that particular division, including Bitcoin and Ethereum.
- SHIB has grown by 31.7% in the last 7 days
- Shiba Inu was rejected today at the crucial $0.00015 marker
- Price correction for the asset is once again on the horizon
It appears that SHIB will continue to benefit from Dogecoin rallies as this latest price pump came on the same day that Dogecoin was up around 80% before experiencing a minor price correction.
The Shiba Inu’s trading volume of $1.8 billion is also impressive, which is an increase of 167%. However, it went down a bit as the crypto experienced a slight drop in its spot trading price.
As of press time, as per the latest figures of koingecoThe Dogecoin spin-off meme altcoin is trading at $0.000013. Its 24-hour gain fell to just 9%, but it is still up 31.7% over the past seven days.
Shiba Inu: Dealing with selling pressure
A look at the chart of SHIB shows that the selling pressure will likely come with motion Towards the 0.382 Fibonacci Retracement level (FBI) at $0.0000128 or 0.5 FBI at $0.0000122.
This will end any bullish momentum gained by the Shiba Inu over the past few days when it broke the $0.000015 marker.
The relative strength index (RSI) of the asset ended in the overbought zone, indicating the need for SHIB price to stabilize before an uptrend resumes.
An important thing to watch out for during this price dumping phase is buying pressure, which, if persists, will likely pave the way for a test of the $0.000016 level.
The Shiba Inu, at least for the day, is on a bullish trend and is less likely to experience higher volatility. Its price movement is likely to swing between $0.000015 and $0.00000128.
Shiba Eternity Still Not Helping SHIB
One of the things that developers and the SHIB community are hoping to help crypto reach a higher level is the release of Shiba Eternity Game,
It is a free mobile card fighting game that was launched on October 6, 2022 on both Android and iOS platforms, and is part of an ecosystem for the property that is still in development.
Unfortunately, even after going online, the game failed to give the altcoin any momentum to come out of its slump. Thankfully, over the past few days, the broader crypto market embarked on a bullish run that stopped the bleeding for the virtual coin.
Recently, SHIB also indirectly took advantage of news about Elon Musk’s Twitter take-over as DOGE’s boom moments after the deal was finalized this week.
SHIB total market cap at $6.8 billion on the weekend chart | Featured image from Somag News, Chart: TradingView.com Disclaimer: The analysis represents the author's personal interpretation and should not be construed as investment advice.