As the crypto market roars modestly, Shiba Inu has recorded massive gains. In the past three days alone, the coin has risen almost 55%. However, it looks like this upward momentum is about to face its biggest test yet. SHIB is now facing a major resistance zone. Will he be able to continue? Here are some takeaways:
SHIB is facing major resistance at the $0.0000104 mark
A rejection at this price could trigger a decisive pullback
SHIB however seems to have enough momentum to overcome
Data Source: TradingView
How long will the SHIB rally?
After gaining 14% over the past 24 hours, SHIB is now outperforming the market. The coin also recorded gains on its fourth straight day. This new momentum comes against the backdrop of growing uncertainty in investor sentiment around meme coins. But despite this, SHIB is now facing its biggest hurdle as it attempts to overcome the resistance at $0.0000104.
If the coin fails to clear this price, we will likely see a pullback of at least 17%. SHIB will then consolidate and try again. However, we believe there is enough momentum for SHIB to actually exceed that mark.
The coin has been bouncing in the past 24 hours and is getting closer and closer to $0.0000104. Once the barrier is breached, SHIB could continue to operate an additional 25% before any outages. This will represent one of the strongest market rallies in June.
Why is SHIB skyrocketing?
As shown above, SHIB is outperforming the broader market during this small recovery phase. It appears, however, that much of these gains have come as demand for SHIB among whales is still increasing.
We are also seeing slight improvements in sentiment across the broader market. As such, the trading volume for the meme coin has increased slightly. If these conditions hold in the near term, SHIB will likely continue to rise.