Coinciding with the overall bullish trend in the crypto market, the Shiba Inu (SHIB) token has been a bright spot in the last 24 hours, gaining traction from investors. At press time, SHIB exchanged hands at $0.00001778, marking a 3.66% gain as compared to its previous day’s closing price.
Notably, the weekly chart records a surge of 4.67% despite exhibiting heightened volatility. Following this market optimism, SHIB’s market cap rose to $10.47 billion, placing it in the 13th spot in terms of crypto rankings.
This positive price action comes amid a recent hack involving an Indian exchange, WazirX. As reported by Lookonchain, an on-chain analyst, in a post on X, the event resulted in a total of $230 million in assets being stolen, including 5.43 trillion SHIB tokens valued at $102 million.
Despite this disaster expected to tarnish SHIB’s image, the asset has proven strong and is still gaining value. This speaks volumes about the confidence of investors as well as the strong community backing that SHIB has to overcome any adversity.
Meanwhile, its 24-hour trading volume paints a different picture, with a 54.52% decline to $473.09 million, indicating a decrease in short-term trading activity.
What’s Next for SHIB?
As of press time, SHIB sits at $0.000017, a level it broke through last Saturday. Should this support hold steady, market experts forecast that the SHIB token could witness a 14.19% surge, pushing its price toward its next resistance at $0.000020 by the end of next week.
A breach above this threshold could result in a massive gain toward the $0.000026 zone, as earlier predicted by CryptonewsZ. In tandem, the 20-day Simple Moving Average (SMA) supports this bullish momentum as it trades below SHIB’s price, acting as a strong support level.
Moreover, the RSI index is advancing in an uptrend channel, indicating an increasing buying spree in the market. Positioned at 49.34, the RSI signals ample space for further price appreciation, supporting SHIB’s potential to surpass the $0.000020 barrier.
Conversely, SHIB could seek $0.0000147 support should the bears regain control of the market, potentially leading to a temporary price correction.
Also Read: $234M in Crypto Hacked From WazirX, Converted to Ethereum
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