Shiba Inu surprises its holders with more than 15% growth in last 24 hours, which makes it one of most profitable assets on market
Shiba Inu couldn’t avoid pressure from the broader cryptocurrency market during the selloff we saw over the weekend, but at the same time showed one of the most significant retracements and strongest in the market, according to CoinMarketCap.
As the website reports, SHIB is currently in sixth place as the most rapidly growing asset in the last 24 hours, successfully beating cryptocurrencies like Ethereum and Cardano. The main reason behind such strong growth could be in the attractiveness of assets with relatively low capitalization and liquidity, as they tend to give greater returns during short-term market bounces.
In addition to the aforementioned reason, Shib enjoys the support of constant burning events like the latest Amazon-powered burning of around 70 million memetokens. Despite the relatively low USD value of the burned tokens, the SHIB burn event is still attracting a lot of attention from traders and investors.
Shiba Inu technical analysis
With 12% growth in the last 24 hours, SHIB faced the first resistance line on the daily chart, which could be a short-term consolidation or even reversal point. The mentioned resistance is the 21-day exponential moving average responsible for reflecting short-term trends on the cryptocurrency market.
Unfortunately, Shiba Inu broke through all possible medium-term support lines after falling below the $0.00001 level and is now only relying on shorter-term indicators like intraday moving averages.
Luckily, the four-hour timeframe suggests that Shiba Inu is breaking through the first resistance line on the chart and is now aiming at another spike up to the 200 EMA on the four-hour timeframe, which is moving around $0.00001.
