Shiba Inu (SHIB) Token Surges Amidst Bullish Trend
In line with the overall bullish trend in the cryptocurrency market, the Shiba Inu (SHIB) token has emerged as a bright spot over the past 24 hours, attracting investors’ attention. As of press time, SHIB’s exchange price was US$0.00001778, an increase of 3.66% from the closing price of the previous trading day. Notably, the weekly chart recorded a 4.67% surge despite heightened volatility. Along with the optimism in the market, SHIB’s market capitalization rose to $10.47 billion, ranking 13th in the cryptocurrency rankings.
Resilience Post-Hacking Incident
This positive price action comes against the backdrop of the recent hacking attack on Indian exchange WazirX. According to a post on X by on-chain analyst Lookonchain, the incident resulted in the theft of a total of $230 million in assets, including 5.43 trillion SHIB tokens worth $102 million. Although the disaster was expected to damage SHIB’s image, the asset has proven to be strong and is still increasing in value. This fully demonstrates the confidence of investors and the strong support from all sectors of society for SHIB to overcome adversity. At the same time, its 24-hour trading volume presented a different picture, falling 54.52% to $473.09 million, indicating a decrease in short-term trading activity.
Future Outlook and Market Predictions
At press time, SHIB price was at $0.000017, having breached that level last Saturday. If this support holds, market experts predict that the SHIB token could surge by 14.19% and push its price to the next resistance level at $0.000020 by the end of next week. As mentioned earlier, a breach of this threshold could lead to a significant price increase towards the $0.000026 area. Furthermore, the 20-day simple moving average (SMA) supports this bullish momentum as it trades below SHIB’s price, acting as a strong support level.
Furthermore, the RSI index is moving in an ascending channel, indicating increasing buying enthusiasm in the market. The RSI sits at 49.34, indicating ample room for further price appreciation, supporting SHIB’s potential to break above the $0.000020 mark. Conversely, if the bears regain control of the market, SHIB may seek support at $0.0000147, which may lead to a temporary price correction.
Also Read: WazirX Cryptocurrency worth $234 million hacked, converted to Ethereum
