Shiba Inu (SHIB) Token Shows Resilience Amid Market Volatility
In line with the overall bullish trend in the cryptocurrency market, the Shiba Inu (SHIB) token has attracted attention with a 3.66% increase in its exchange price over the past 24 hours. Despite heightened volatility, SHIB recorded a 4.67% surge on the weekly chart, pushing its market capitalization to $10.47 billion, securing the 13th position in the cryptocurrency rankings.
Resilience Amid Adversity: SHIB’s Response to Recent Hacking Attack
Despite the recent hacking attack on Indian exchange WazirX, resulting in the theft of $230 million in assets, including 5.43 trillion SHIB tokens, SHIB has continued to show strength and ascend in value. This resilience underscores investors’ confidence and widespread support for SHIB to overcome challenges. While the 24-hour trading volume decreased by 54.52% to $473.09 million, the token’s price remains on an upward trajectory.
Future Prospects: Forecast for SHIB Price Movement
At present, SHIB’s price stands at $0.000017, with experts predicting a potential 14.19% surge if the current support level holds, pushing the token towards the $0.000020 resistance level by the end of the upcoming week. A breach of this level could propel SHIB further towards $0.000026, supported by the 20-day simple moving average and the ascending RSI index indicating growing buying interest in the market. However, a market correction could see SHIB seeking support at $0.0000147 temporarily.
With the strength displayed in the face of adversity and positive price momentum, SHIB remains a cryptocurrency to watch, potentially making further gains in the near term.
