Date: Fri, Sept 27, 2024, 05:54 AM GMT
Shiba Inu (SHIB), the memecoin that captured massive attention during the last bull run, is back in action with impressive gains over the past 24 hours. As the overall cryptocurrency market rebounds following the Federal Reserve’s recent interest rate cut and growing bullish sentiment for Q4, SHIB has surged by an eye-popping 22%.
This comes as Bitcoin also breaks above the $65,000 mark for the first time since August 1st, creating a favorable environment for altcoins and memecoins to thrive. Notably, other memecoins like PEPE, WIF, and BONK have also seen strong rallies, but SHIB’s move is drawing special attention.
The catalyst for SHIB’s surge appears to be its breakout from a key downtrend line at the $0.00001494 level. This breakout sent SHIB to its current price of $0.00001915, and the token is now eyeing a major resistance range between $0.00001943 and $0.00002070.
If SHIB can maintain this momentum and break through this resistance, it could potentially head toward its next target at $0.000026—a 26% upside from the current level.
While the market remains bullish, all eyes are on SHIB to see if it can sustain this rally and reach new highs.
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