Shiba Inu (SHIB) Bulls on Track, Will It New All-Time High?

• Shiba Inu (SHIB) climbed over 243.83% in the past week.
• SHIB’s market cap surged to $21.46 billion, securing its place as the 10th largest crypto.

In the wake of Bitcoin’s surge to new all-time highs this week, the meme coin sector, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has attracted considerable attention with remarkable gains. SHIB, in particular, has stood out with a significant rally over the past week, experiencing a surge of 243.83% despite a recent 3.56% dip in the last 24 hours, trading at $0.00003648.

The resurgence of Shiba Inu has been accompanied by notable on-chain metrics suggesting significant bullish momentum. Recent data from Coinglass indicates approximately $36 million in SHIB total position liquidations, emphasizing the ongoing rally among altcoins, which have witnessed increases ranging from 100% to 500%.

Will SHIB Hit New All-Time High?

Driving SHIB’s recent momentum is a combination of factors. Firstly, the broader hype in the mainstream market fueled by Bitcoin’s ATH has contributed to renewed interest in meme coins. Secondly, the anticipation surrounding an update to the Shiba Inu ecosystem, hinted at by Shytoshi Kusama, has further bolstered investor sentiment.

Despite a rejection at the $0.000045 level, Shiba Inu’s market cap has surged to $21.46 billion, propelling it to the 10th position among cryptocurrencies and displacing Avalanche (AVAX). The trend displayed by SHIB, with its price holding above the $0.000035 level, suggests a potential for further upside.

If the bullish trend is sustained and Shiba Inu establishes the $0.000035 level as the strong support level, it may breach the $0.00005 mark. A successful move beyond this resistance could pave the way for a climb towards the significant $0.00007 level and potentially set the stage for a new all-time high.

On the other hand, a drop below the 20-day exponential moving average (EMA) could signal weakening bullish sentiment, necessitating caution among investors regarding future price movements.