A recent market breakout has put Shiba Inu (SHIB) on course for more gains as the token eyes new price levels.
The cryptocurrency market has opened the new year on a high. Several cryptocurrencies have seen significant increases over the past 24 hours, buoyed by bullish market sentiment around the possible launch of a spot Bitcoin ETF in the U.S.
Popular blockchain project Shiba Inu (SHIB) has not been left behind in the latest rally, gaining a decent 4% in the hours leading up to press time. Impressively, Shiba Inu’s recent breakout puts it on course to hit new levels, according to analyst SHIB KNIGHT.
The analyst notes three major price levels for SHIB traders to watch out for on the 2-hourly chart, including $0.00001085, $0.00001097, and $0.00001118. Notably, SHIB posted 11 consecutive green candles in the timeframe to set up a possible stint into the higher levels.
At the same time, the cryptocurrency has already breached the $0.00001085 range at the time of writing, leaving the two other major targets up for grabs.
Shiba Inu Maintains Positive Momentum
Although the latest rally could be attributed to a broader market increase, Shiba Inu has had impressive performances of its own. The cryptocurrency has traded above the crucial $0.00001 mark for two consecutive weeks, having claimed that range on December 18.
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The Shiba Inu price action is largely driven by growing interest in the project’s layer-2 network Shibarium. As The Crypto Basic has reported, Shibarium has over one million interacting wallets, reaching that milestone faster than other layer-2 networks such as Arbitrum and Optimism.
Increased usage of Shibarium translates to faster Shiba Inu (SHIB) burns, which in turn positively impacts the token’s price. The Shiba Inu team has already burned over 33 billion SHIB tokens from Shibarium and promises even more serious and game-changing stuff going into 2024.
SHIB is trading at $0.00001089 at the time of writing, with its market cap now back above $6.4 billion.