Aims for 200% profits undeterred by Solana memes.
Shiba Inu has finally broken above the $0.000033 mark on March 28, marking a 38.2% increase in the last week. Market indicators are shedding light on the key factors driving this price breakout.
With a 6% increase in the past 24 hours, Shiba Inu (SHIB) has emerged as the second-best performing memecoin among the top 50 ranked assets.
The surge in SHIB price comes after a period of consolidation that followed its peak of $0.000045 on March 5. During this time, other memecoins like Dogwifhat (WIF), BONK, and SLERF gained attention, causing SHIB’s price to dip by 47.9% between March 5 and March 20. However, existing SHIB holders remained resilient, preventing the price from dropping below $0.000029.
Despite the focus on other memecoins in mid-March, SHIB holders held strong, allowing the price to stay above the critical level. The price has been steadily climbing over the past week, showing a 38.2% increase with five green candles out of the last eight.
Beyond the price action, market indicators suggest bullish catalysts behind the recent momentum surge. The adoption rate of Shiba Inu has surpassed the 30-day average, with new users bringing in fresh capital, driving the rally.
Additionally, social media mentions of Shiba Inu have increased by 63% in the last 24 hours, adding to the positive sentiment surrounding the asset. A surge in social media mentions is often seen as a precursor to potential price movements, indicating increased attention and sentiment within the community.
With the price rally to $0.000033, Shiba Inu has seen a 182% monthly gain. Based on the influx of new users and the surge in social media traction, the price is expected to hit the $0.00004 mark and potentially close the month with gains exceeding 200%.
However, to reach this target, SHIB bulls must first surpass the sell-wall at $0.000035. If momentum from new entrants continues, the price could break past this resistance and head towards $0.000045. On the other hand, profit-taking actions from holders could lead to a drop towards the $0.00002 area.
Overall, the outlook for Shiba Inu remains positive, with potential for further gains in the coming days if the current trends persist.
