As the crypto market roars back marginally, the Shiba Inu is posting massive gains. In the last three days alone, the coin is up almost 55%. However, it looks like this upward move is about to face its biggest test yet. SHIB is now facing a major resistance area. Will it manage to keep going? Here are some takeaways:
SHIB faces major resistance at $0.00000104 mark
Rejection at this price could trigger a decisive pullback
Although it looks like SHIB has enough momentum to overcome
Data Source: TradingView
When will SHIB rally?
After gaining 14% in the last 24 hours, SHIB is now outperforming the market. The coin has registered an increase for the fourth consecutive day. This new momentum comes against the backdrop of increasing uncertainty in investor sentiment around the meme coins. But despite this, SHIB is now facing the biggest hurdle as it tries to cross the $0.00000104 resistance.
If the coin fails to clear this price, we may see a decrease of at least 17%. SHIB will then consolidate and try again. However, we believe that there is enough momentum for SHIB to actually rise above this mark.
The coin has gained momentum over the past 24 hours and is getting closer and closer to $0.00000104. Once the barrier is broken, SHIB can move further 25% before any breakdown. This would represent one of the fastest rally in the market in June.
Why is SHIB on the rise?
As mentioned above, SHIB has been outperforming the entire market during this short recovery phase. However, most of these gains seem to have come as the demand for SHIB among whales continues to grow.
We are also seeing some slight improvement in sentiment across the market. As such, trading volume for Mem Coin has increased slightly. If these conditions persist in the near term, the growth in SHIB is likely to continue.