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Shiba Inu (SHIB) Rockets 7% in Holiday Market Surge, What’s Next?
The Shiba Inu cryptocurrency has taken the crypto market by surprise with a significant rally of nearly 28%, as its price surged to reach $758.17 million over the past 24 hours. This sudden surge has led many to question whether SHIB is poised for further growth or if this momentum is just a temporary holiday cheer.
According to analysis, SHIB’s current price retest at the $0.000024 level, which was previously seen as resistance in December, may have confirmed short-term resistance and potentially capped further gains for now. However, it is essential to note that this support can be broken if broader market conditions remain favorable.
If Bitcoin (BTC) and other major cryptocurrencies continue their upward momentum, SHIB could also benefit from the tailwinds. In light of this, analysts predict that a break above $0.000024 would open up new possibilities for further growth, with resistance at the daily SMA 50 ($0.00002577) being the next hurdle.
On the other hand, if the cryptocurrency cannot breach this level, it could potentially fall back to the support provided by the daily SMA 200 ($0.0000187), which has previously acted as a source of support in November and December.
The Shiba Inu community remains optimistic about the project’s prospects, with many believing that its unique features, such as burn mechanism, may have contributed to this recent surge.
It is essential for investors to remain cautious and consider all market conditions before making any decisions.
Source: u.today
