Dog-themed cryptocurrency Shiba Inu (SHIB) has stormed back into the top 10 cryptocurrencies by market capitalization, fueled by an impressive 20% surge in the last 24 hours.
Shiba Inu surpassed its November high of $0.00003, signaling a strong breakout and reinforcing bullish momentum. Shiba Inu's remarkable surge has pushed it back into the top 10 cryptocurrencies by market capitalization. With a market valuation of $18.9 billion, Shiba Inu is currently the 10th largest cryptocurrency by market capitalization, flipping Avalanche and Tron to the 11th and 12th place, respectively.
At the time of writing, SHIB was trading at $0.00003223, up 19.98% in the last 24 hours to $0.00003228. Shiba Inu hit an intraday high of $0.00003243, substantially higher than today's low of $0.0000266. This quick upward surge resulted in a massive green candlestick on the daily charts, indicating significant buying pressure.
Notably, Shiba Inu has been increasing since Nov. 29 and is on track for its third day of gains in a row. The rally has surpassed the critical $0.00003 mark, which is significant because the Shiba Inu rally in November failed to cross this threshold. The breakout is notable, considering the likelihood of further price growth from this level.
What's next for Shiba Inu price?
As SHIB trades above $0.00003, the market is eyeing the next Shiba Inu price resistance at $0.000035. A successful test and breakout above this level could pave the way for further gains, potentially setting SHIB on a path toward new yearly highs. This could open the doors for a rally to $0.000039.
SHIB/USD Daily Chart, Courtesy: TradingView
However, profit-taking could introduce short-term price fluctuations. In this scenario, bulls might seek to turn the $0.00003 level into support. If they fail at this endeavor, Shiba Inu could return to its prior range of $0.0000225 to $0.0000281.
A breach below the $0.0000225 support level might send SHIB to $0.000020, where buyers are expected to enter.
