When we look at the crypto money market, we see that Bitcoin continues to be priced above 21 thousand dollars. Leading altcoin Ethereum is also above the $1,500 level. The asset that has risen the most in the last 24 hours is the Shiba Inu, with an increase of over 14%.
SHIB Experienced 20% Increase
The Shiba Inu price has been priced positively for a while with the Shibarium launch approaching. Most recently, the asset gained more than 20% after Upbit, one of South Korea’s largest crypto-asset trading platforms, announced the launch of the SHIB/South Korean Won pair.
Thus, Shiba joined the assets that recovered the losses suffered after the FTX crisis. The popular altcoin, which fell to $ 0.0000078 in the last months of 2022, has gained over 50% since the beginning of the year.
SHIB Price Analysis
The asset, currently at $0.000012, needs to avoid the $0.000010 pivot area and target $0.000013. Bulls will need their risk appetite to support a long rally.
In the case of an extended rally, SHIB could test the $0.000013 resistance, which is the November 4th high. A drop from the main resistance levels will trigger the first major support level at $0.000010. In the event of a possible selling pressure, the asset should avoid hanging below this level. The second support level of SHIB is located at $0.0000099. If the asset manages to maintain its current level of $0.000012, it could be retargeted to $0.000013.
Considering that the Shibarium launch date has not been announced yet, the SHIB price may see better levels after the launch date is announced and the beta version of the tier 2 platform Shibarium is released. For this, it is very important to follow the market in the coming days.