Shiba

Token

Bitcoin

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-token-soars-as-market-interest-escalates" rel="noopener noreferrer nofollow">Shiba Inu Token Soars as Market Interest Escalates</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/banking-and-crypto-a-year-of-turbulence-and-transition" rel="noopener noreferrer nofollow">cryptocurrency</a> space is witnessing a significant surge in the value of the meme-inspired digital token, Shiba Inu (SHIB). Over the past week, SHIB has seen a robust 20% uptick in its trading price, currently standing at $0.0000112. This rally represents a break above a key resistance level within an established channel pattern, hinting at a potential shift in market direction. Triggered by a greater accumulation of <a href="https://en.bitcoinhaber.net/bitcoin-breaks-38000-resistance-bullish-momentum-continues" rel="noopener noreferrer nofollow">Bitcoin</a> by traditional market players, SHIB’s value rebounded strongly from a recent correction, reporting a 30% climb within five weeks.</p>
<h2 id="shiba-inu-s-enthusiasm-reflected-in-futures-market">Shiba Inu’s Enthusiasm Reflected in Futures Market</h2>
<p style="text-align: justify">Concurrently with SHIB’s price increase, futures open interest for the token soared by 120%, indicating a heightened speculative interest in its market movement. The open interest jumped from $16.6 million to an impressive $36.6 million. This bullish sentiment is further substantiated by chart analysis, showcasing a breach of the key resistance line in a descending wedge formation that has been in play for nearly two years, suggesting a potential easing of downward pressure.</p>
<h2 id="community-actions-stoke-shib-s-flame">Community Actions Stoke SHIB’s Flame</h2>
<p style="text-align: justify">The community backing Shiba Inu is also actively participating in its market activities, burning a colossal 102.76 million SHIB in just one day, an astonishing uptick of over 1900% in the burn rate. This aggressive reduction in the token’s supply can play a pivotal role in maintaining its value above the recently surpassed resistance threshold. As the token continues to be influenced by the wedge pattern, potential resistance targets are set between $0.0000119 and $0.000018, marking areas for future market focus.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-token-soars-as-market-interest-escalates" rel="noopener noreferrer nofollow">Shiba Inu Token Soars as Market Interest Escalates</a></h5>

Shiba Inu Token Soars as Market Interest Escalates

Table of Contents

BH NEWS

Other articles published on Feb 28, 2024

Humanity Protocol secures investment from Polygon, Animoca founders

Why is everyone buying Kelexo (KLXO) limited supply DeFi loan solution amid Ethereum (ETH) $3K ho...

Aleo Tackles Privacy Breach After KYC Data Exposure

Serenity Shield’s SERSH token plunges 95%, Here’s how

Dione Protocol Price Prediction: DIONE Skyrockets 31% In A Week As This Green AI Presale Blasts P...

HashKey OTC Receives Major Crypto Payment License In Singapore

Join our free newsletter for daily crypto updates!