The crypto industry continues to gain significant momentum as the top tokens record a new yearly high for the second time within the past week. This further highlights the presence of a massive bullpower in the crypto space.
On the other hand, SHIB price has gained over 20% in value during the past week. One of the prime reasons for the recent Shiba Inu surge is the increased burn rate for the coin, which is impacting its valuation significantly.
The SHIB price traded between $0.00000758 and $0.00000813 for a brief period, after which the price surged, but the rally was short-lived as the price faced rejection at $0.00000847. After multiple attempts, the price regained momentum and jumped 19%.
Following this, the price faced rejection at $0.00000966, resulting in the price losing its momentum and leveling all its gains. Shiba Inu price displayed constant price volatility for a while, after which the price traded in a closed space between $0.00000813 and $0.00000847 for two weeks.
Recently, the price regained momentum and jumped 15%, breaking out of its key resistance level at $0.00000936. The price then faced rejection at $0.00000966, following which the price recorded significant fluctuation in its value.
Today, during the early trading hours, the price successfully broke out of the resistance level of $0.00000966 and is on the verge of testing its upper level of $0.00001 soon, of which the outcome is unpredictable.
The Relative Strength Index (RSI) has been trading above the mid-point since the month started, indicating an increased buying pressure in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming days.
If the bulls hold the price above the key level of $0.00000966, it will test its upper resistance level of $0.00001. Further, if the market holds the price at that level, it will rise and test its resistance level of $0.00001050 this week.
Conversely, if the bears overpower the bulls, the price will lose momentum and fall to test its support level of $0.00000936. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $0.00000900.
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