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Shiba Inu has rocketed back into the top 10 cryptocurrencies by market capitalization following a 20% surge. Trading at $0.00003223, SHIB’s bullish breakout above $0.00003 has flipped Avalanche and Tron, with eyes now set on the key resistance at $0.000035.
Shiba Inu Climbs Back Into the Top 10 Cryptos
An astounding 20% spike in the previous day has propelled Shiba Inu (SHIB), a cryptocurrency with a dog motif, back into the top ten cryptocurrencies by market value.
As a robust breakout and reinforcement of bullish momentum was shown, Shiba Inu exceeded its November high of $0.00003.
The incredible growth of Shiba Inu has restored its position among the top ten cryptocurrency by market cap. Shiba Inu, with a market valuation of $18.9 billion, has surpassed Avalanche and Tron to become the tenth biggest cryptocurrency by market capitalization.
Shiba Inu’s Price Hits New Highs Amid Buying Pressure
With a gain of 19.98% in the past 24 hours, SHIB is now trading at $0.00003223, up from $0.00003228 an hour ago. Compared to today's low of $0.0000266, Shiba Inu's intraday high of $0.00003243 is significantly greater.
A large green candlestick appeared on the daily charts as a result of this rapid ascent, suggesting that there was substantial buying pressure.
Importantly, according to U.Today, Shiba Inu has been rising since November 29 and is poised to achieve three consecutive days of gains. This rally is noteworthy because it has succeeded where the Shiba Inu rally in November failed: it has surpassed the vital $0.00003 mark.
Bulls Eye $0.000035 Resistance as SHIB Gains Momentum
Considering the probability of additional price growth from this level, the breakout is noteworthy.
The next level of Shiba Inu price resistance is $0.000035, which the market is targeting as SHIB trades over $0.00003. If SHIB is able to break out above this level, it might lay the stage for additional gains and possibly lead to new annual highs. A rally to $0.000039 could be possible as a result of this.
Nevertheless, profit-taking may cause temporary changes in prices. The bulls might try to use the $0.00003 level as support in this case. The Shiba Inu price could go back to its previous range of $0.0000225 to $0.0000281 if they are unsuccessful in this quest.
Potential Risks Loom Despite Bullish Outlook
In the event that the support level of $0.0000225 is breached, SHIB might be sent to $0.000020, which is the level where buyers are anticipated to enter.
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