Shiba Inu (SHIB) Begins Second Phase of Its Bull Cycle
2024-12-04

Shiba Inu SHIBUSD is capitalizing on the broad revival in the digital currency ecosystem to chart a bullish growth trend. After dropping as low as $0.00002713 over the past 24 hours, the token has managed to breach the $0.00003 price mark in an unexpected rebound push. Up by 3.6% in 24 hours, SHIB has effectively commenced the second phase of its bull run.
Shiba Inu breaking downward streak
As seen over the past week, the price of Shiba Inu has recorded impressive highs and disappointing lows. Overall, it has maintained a 22.37% uptrend, beating clear pullback attempts.
The token’s broader metrics are largely unstable, with the burn rate notably swinging negative most of the time. For its part, Shiba Inu has leaned mostly on the broader market trend to retain its bullish momentum.
Breaking the $0.00003 resistance level places SHIB 65% away from hitting the $0.00008845 all-time high (ATH) milestone. As mentioned, the token might harness the bull market momentum to reclaim this high as Binance Coin (BNB) and Tron TRXUSD did over the past 24 hours.
Amid the notable uncertainty of crypto markets, the fundamentals are there for Shiba Inu to chart this ambitious price milestone. Per the technical indicators, the Relative Strength Index (RSI) flashes a reading of 67. This implies SHIB has more room for growth before it becomes oversold again.SHIB 1D Price Chart. Source: CoinMarketCap/TradingView">
The next price target for the token is pegged at its 30-day high of $0.00003307.
Next steps for SHIB
While retail and whale traders brace to boost their allocation of Shiba Inu, as showcased in the 17.32% growth in trading volume to $3.2 billion, SHIB developers are intensifying community-centric innovation.
With updates on reward campaigns, notifications for scam alerts and others, the developer team has created a strong and connected community for the project. This is an invaluable resource for the digital currency and its ongoing growth prospects.
Ultimately, the meme coin hopes to continually close the gap it maintains with Dogecoin DOGEUSD as both intensify the fight for dominance in the sector.