the meme cryptocurrency Shiba Inu (SHIB) has been attracting attention in the market amid its impressive rise in the last month, standing out in the current bull market rally.
It is worth noting that, in recent days, SHIB has experienced a very significant price increase, driven by several factors, including the efforts of its community in an attempt to reduce its supply in circulation through the burning of tokens. However, memecoin showed a price pullback on March 12.
Given recent movements, Shiba Inu's accumulated daily volume was around the US$600 million mark. As a result, SHIB showed growth of 200% when comparing the numbers recorded on March 11, according to data do IntoTheBlock.
However, in comparison, the biggest meme cryptocurrency on the market, Dogecoin (DOGE) saw an increase of approximately 92%.
At the time of publication, the Shiba Inu price it was quoted at US$ 0,00003282 with a drop of 2.5% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1.748.942.146. Amidst the growth experienced in recent weeks, the Shiba Inu token has seen a significant drop of 22.8% in the last seven days. In one month, the cryptocurrency soared 240.5%.
SHIB Token Could Trigger a 40% Bullish Breakout
the meme cryptocurrency SHIB could trigger a 40% bullish breakout, if it manages to confirm crucial resistance, according to a recent analysis. Cryptocurrency analyst Ali Martinez noted that Shiba Inu could enter an upward path with a potential 40% rally, which would push the SHIB price to the level of $0,000052.
“ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0,000038 resistance could trigger a 40% upside breakout, pushing $SHIB towards $0,000052. Be careful with $0,000033 as loss of this support level will invalidate the bullish outlook,” he noted.
