Shiba Inu, earlier today, witnessed a significant surge as it went up by almost 20%, pushing its spot trading price to $0.000014.
Although it was immediately rejected entry to the $0.000015 marker, the asset managed to outperform other cryptocurrencies belonging to the top 10 list in that particular department, including Bitcoin and Ethereum.
SHIB tallies 31.7% increase over the last 7 days
Shiba Inu was rejected at the crucial $0.000015 marker today
A price correction is once again on the horizon for the asset
It would appear SHIB continues to benefit from Dogecoin rallies as this latest price pump came on the same day Dogecoin increased by almost 80% before experiencing minor price correction.
Shiba Inu’s $1.8 billion trading volume is also impressive, tallying an increase of 167%. This, however, went down a bit as the crypto experienced a slight decline in its spot trading price.
At press time, according to latest data from Coingecko, the Dogecoin spin-off meme altcoin is trading at $0.000013. Its 24-hour gains dropped to just 9% but is still up 31.7% over the last seven days.
Shiba Inu: Dealing With Selling Pressure
A look at SHIB’s chart shows unabated selling pressure will come with the possibility of a movement towards the 0.382 Fibonacci Retracement Level (FBI) at $0.0000128 or the 0.5 FBI at $0.0000122.
This will obliterate any bullish momentum that Shiba Inu gained over the last few days when it breached the $0.000015 marker.
The asset’s Relative Strength Index (RSI) ended up being in the overbought zone, indicating the need for the SHIB price to stabilize before a resumption of an upward movement can happen.
One crucial thing to look out for during this price dumping phase is the buying pressure which, if sustained, will likely lead the way for a test of the $0.000016 level.
Shiba Inu, at least for this day, is on bullish trend and is less likely to experience high volatility. Its price movement might swing between $0.000015 and $0.0000128.
Shiba Eternity Still Not Helping SHIB
One of the things that developers and the SHIB community are hoping to help the crypto to reach higher levels is the release of the Shiba Eternity Game.
It is a free mobile card fighting game that was launched on October 6, 2022, both on Android and IOS platform, and is part of an ecosystem for the asset that is still in development.
Unfortunately, even after going online, the game failed to give the altcoin any momentum to break out of its slump. Thankfully, over the last few days, the broader crypto market initiated a bullish run that stopped the bleeding for the virtual coin.
Recently, SHIB also indirectly took advantage of the news about Elon Musk’s Twitter take-over as it piggybacked at DOGE’s surge 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.