Shiba Inu (SHIB) Price Surges 42%, Bulls Remain Optimistic

• It was on June 21st that the Shiba Inu (SHIB) price blasted.
• Shiba Inu has been down 1.16% in the last 24 hours.

As per CMC, Shiba Inu’s returns have increased by 42 percent in the past week. SHIB has been attempting to recover its footing after the market-wide crypto meltdown earlier this month. It has been possible to see a more significant recovery when compared to its rival, Dogecoin.

Shiba Inu’s current price is $0.00001157, an increase of 42 percent over the previous week. It was on June 21st that the Shiba Inu (SHIB) price blasted through a five-week-old descending trend line resistance with a long bullish candle. The breakout chance drew in additional buyers as the overall market’s mood improved, and the cryptocurrency surged to $0.000116 in the process. In addition, the currency’s price may drop to $0.00001 due to selling pressure approaching $0.000012.

Traders Might Anticipate a Retest of $0.00001 Level

As of late, the SHIB sellers have used a declining trend line in their downturn, which has lately dropped to a low of $0.000007197. In addition, the SHIB price recovered from the previously noted support and had a tremendous pump of 32.85% on July 21st. Supported by the current burn activity, buyers could break $0.00001 and a declining trend line’s combined resistance.

The three straight green candles in the post-retest rally surge indicated a strong momentum rally. Substantial supply pressure at $0.000012 is indicated by the daily candle’s long-wick rejection on June 21st and June 25th. As a result, traders might anticipate a retest of the $0.00001 psychological barrier if the SHIB price reverts. According to CMC, the Shiba Inu price today is $0.00001157 USD with a 24-hour trading volume of $610,134,994 USD. Shiba Inu has been down 1.16% in the last 24 hours.

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