Shiba Inu (SHIB) is showing signs of life following a price surge. It has been noted that Shiba Inu faced some kind of resistance following its strong upward momentum, resulting in a pullback. However, the outlook remains positive, and a new all-time high is expected soon.
At the time of writing, SHIB is trading at $0.0₅7472, recording a 24-hour trading volume of $86.64 million. The token’s market capitalization currently stands at $4.41 billion, with the price rising by 0.75% over the last 24 hours.
However, there are some analysts who are advising caution despite the recent increase in the value of SHIB tokens. GainMuse, a popular crypto analyst, pointed out that the price of SHIB has started to taper off after a sudden increase in the price throughout the day. The analysis stated that the price quickly broke through a strong level of resistance, but the price couldn’t sustain the levels.
GainMuse added that while there was some strength exhibited by buyers early during the session, there was a lack of continuation of the move. The sharp rejection at resistance means SHIB might need some more time or increased buyer activity for another break above resistance.
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On the flip side, optimism is still rife within sections of the SHIB community. Another analyst, CRYPTO SHIB, shared a strongly positive outlook, saying that SHIB recently reached what seemed to be a new all-time high to them.
The analyst was very confident about the future of the token and said that a true record high may be very soon, perhaps before the end of the current year.
“I felt like a billionaire – and this time, it’s not just a dream,” wrote CRYPTO SHIB, adding that the belief in the potential of SHIB is greater than ever.
As SHIB continues to trade around the pivotal price levels, the coming weeks can prove to be quite significant for the token. Whether the token again gains momentum in the positive direction or whether the pullbacks continue will depend on the broad market trends, of course. Currently, the name Shiba Inu continues to remain in the spotlight.
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