by The Shiba Inu token is currently undergoing higher purchasing pressure. As of the time of this report, the asset has secured a 102% trading volume within the last 24 hours. That comes in spite of the reduced price value by 4% following its most recent gains.
SHIB Breaks Resistance
Bullish traders might now take a break following the breakthrough of the SHIB token in over the 0.0000125 mark. Shiba Inu took a pulse of the market using its Metaverse Temple, a prototype of the virtual world it is working on, on the 3rd of September. The Shiba Inu Metaverse has its own beauty and high sensation.
Shiba Inu added in a blog post that the Metaverse, among other things, lets users connect spiritually to the outside world. The metaverse has gathered so much enthusiasm that it is expected to be an actual evolution. The platform registered its first steps by dropping the meme token identity and giving its native token real use.
It might be quite early to conclude that the metaverse illustration was responsible for the asset’s boost. Nevertheless, it is widely known that a little wave of news can have a tremendous impact on SHIB’s price. Some technical analyses show that the token has gone through a breakout.
Partaking in the Wider Market’s Rally
The technical perspectives around SHIB say the breakout happened right where its point of resistance is. Trading at $0.000013 puts it just a tad bit above that breakout area. The asset’s price equally leaped over its 20 and 50 daily moving averages, while the MACD monitor has equally become bullish.
The market and analysts are wondering what could come up next after all of these. Breaking beyond the $0.0000125 line creates a bullish case for the SHIB token. But the asset’s breakout was quickly joined by the tailed bars that are forming.
The latter patterns are indicative of exhaustion on the side of the bulls. What might happen with regard to the price from now on might be consolidation. Bullish signals should show what is next.
The general crypto market has been staging a recovery for about a month. The rally has seen top crypto assets regain some of the ground they initially lost. However, some analysts say what is happening might just be a bear market rally after all.
