Shiba Inu ($SHIB) is showing signs of a rebound, with its price pushing back above the $0.00001375 mark, registering a near 2% gain over the last 24 hours. The move comes as the popular meme coin recovers from a recent intraday dip, with traders now closely watching a potential test of resistance at the $0.00001400 level.
According to data, SHIB is currently trading at $0.00001376, a 1.95% increase from its 24-hour low of $0.00001341. This modest rally places its market cap at $8.12 billion, securing its position as the #28 ranked cryptocurrency. The uptick follows a period of consolidation, with trading volume holding steady at $276 million as bulls and bears battle for control within a tight price range.
The recent price action appears to be a technical bounce following a broader market stabilization, rather than a single, specific catalyst. Analysts point to the coin's ability to hold its recent support level as a key factor driving the current momentum. The challenge now is for SHIB to break above its 24-hour high of $0.00001399, a level that has acted as a minor resistance point. A successful breach of this mark could signal a stronger move towards higher price targets.
Looking ahead, the market is awaiting a clear directional signal. While the current momentum is positive, the token remains far below its all-time high of $0.00008616, leaving significant room for volatility. Upcoming developments on the Shibarium layer-2 network and community-driven token burn initiatives are looming as potential catalysts that could inject new life into the price action. Until then, SHIB is expected to continue trading within its established range, with traders eyeing the $0.00001400 resistance level as the next major hurdle.
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