Shiba Inu (SHIB) $SHIB

Popular canine meme cryptocurrency Shiba Inu is bouncing off support at $0.000024 following a two-week correction from highs of $0.0000458. This positive turn has seen the asset value increase by 30% in a week and is currently trading at $0.00003. A resurgence in the broader market may have influenced the reversal in Shiba Inu prices, with a $0.000045 price target if buyers maintain momentum.

The recent rise in the cryptocurrency market, which saw the price of Bitcoin rise from $60,000 to $70,000, has had a considerable impact on the meme coin industry. Prominent tokens of the asset class Dogecoin, Shiba Inu, PEPE, and FLOKI posted double-digit gains this week, reflecting a resurgence in trader sentiment.

Shiba Inu price bottomed in a corrective trend at $0.00002388 before recovering to the $0.00003 mark. SHIB price gains are likely to intensify after major Australian cryptocurrency exchange Bitcoin.com.au announced a listing. This development is expected to expand SHIB’s investor base and liquidity in Australia, potentially increasing its adoption and market value.

SHIB price is down 2.4% intraday and is heading back towards the pattern’s lower support trendline. If history repeats itself, the coin price is likely to bounce off rising support and target a 16% rise towards the $0.0000345 resistance, followed by $0.000038.