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Shiba Inu Eyes Key Resistance Breakout in Bitcoin-Led Rally
The cryptocurrency market has been witnessing a significant rally led by Bitcoin’s remarkable surge in the past few days. As the market continues to see an uptrend, Shiba Inu (SHIB) is also gaining momentum, attempting to break out of its key resistance level.
According to recent data, large transaction volume has recently seen a massive 95.91% increase, indicating a significant influx of interest in the meme-based cryptocurrency. This development could be interpreted as a bullish sign for SHIB’s future prospects, as whales reawakening their positions and increasing their trading activities.
SHIB’s price action has been closely tied to Bitcoin’s performance, with both assets exhibiting similar price movements over the past few days. As such, it is not surprising that the rally in Bitcoin is also propelling SHIB forward. The increased interest in the cryptocurrency market as a whole could lead to even more pronounced growth for this asset.
However, market participants are closely watching SHIB’s inability to break above its key resistance level. This lack of momentum has led some analysts to speculate about potential bearish reversals and sharp corrections. Nonetheless, given the overall bullish nature of the current market sentiment, many traders remain optimistic about SHIB’s future prospects.
Recent news also suggests that a massive 25,696,960 SHIB tokens were burned in mere hours, sparking hope among investors that this could be an indication of increased commitment from whales and institutional investors. The sheer volume of burnt tokens raises questions about the potential of SHIB to continue its upward trajectory, as it may not have enough supply to meet the growing demand.
The current sentiment in the market is decidedly bullish, with Bitcoin’s price surging and a rally in overall cryptocurrency market capitalization. As such, many traders are choosing to take on long positions, hoping that this rally will continue for some time.
Source: https://u.today/shiba-inu-eyes-key-resistance-breakout-in-bitcoin-led-rally
