Shiba Inu: among daily winners with a 57 percent price increase

The price of memecoin Shiba Inu (SHIB) is in the top 100 altcoins with a price increase of 57 percent in the past 24 trading hours.

The price of the second-largest memecoin Shiba Inu (SHIB) follows its competitors Pepe, Dogecoin and Bonk, rising 299 percent week-on-week.

At $0.00004266, the SHIB price is trading at its highest level since December 2021.

Despite the recent price rally, Shiba Inu still trades 55 percent below its October 2021 all-time high.

According to CoinMarketCap Shiba Inu has the third-largest trading volume in the past 24 hours behind Bitcoin (BTC) and Ethereum (ETH) with a trading volume of $13 billion.

The bulls are currently trying to stabilize the price above the resistance zone around $0.0000386. A daily close above this zone brings into view the area around the 50 Fibonacci retracement of the entire price movement at $0.0000474.

If the price can then overcome this resistance and thus continue its upward trend, the bulls are likely to set course for $0.0000594. A price bounce here is likely to occur on the first attempt.

Only if this area is broken sustainably will there be further upside potential towards the maximum price target in the form of the 78 Fibonacci retracement at $0.0000732.

On the other hand, if the SHIB price does not make further progress in the near future and falls toward $0.0000474, the bears will have to make every effort to break through the $0.0000386 zone.

If this zone is left by the daily closing price, a pullback to the $0.0000278 zone should be planned.

Shiba Inu investors must then avert a further correction towards $0.0000178. This zone represents the maximum downward price target.

Source: Tradingview