The cryptocurrency of memes Shiba Inu SHIB/USD is maintaining crucial levels of support, the same ones it was rejected by in early 2022.
What happened: According to the analysis of Capital Rect, SHIB is expected to rise by 155% to a value of $0.000069. At the time of reporting, SHIB was trading at around $0.000027.
“In early 2022, the SHIB rejected the very level that the SHIB holds as support today.”
This news comes at a time when Shiba Inu have seen an increase in daily transaction activity.
The marketing manager of Shiba Inu, Luciaannounced on X that an unspecified platform introduces notable improvements Shiba EternityWidely regarded among SHIB enthusiasts.
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Data from Shibburn revealed a notable transaction of 25 million SHIB in the last 24 hours. This fire was joined by other appropriations totaling 2.4 million and 1 million SHIB in two subsequent transactions. A separate report on April 9 cited the burning of 135.5 million SHIBs in a 24-hour span spread across 12 transactions, meaning a 1344.1% increase in the burning rate.
Because matter: Meanwhile, the same analyst, Rekt Capital, said it Bitcoin Bitcoin/USD can sustain its upward momentum provided it holds the approximate $69,000 level as support on the weekly chart.
“BTC is facing a tough standoff at the blue resistance of $71,300. However, it currently supports previous record highs (ATH) marked in black. As long as this former ATH base does not collapse, Bitcoin appears to consolidate between these two figures,” explained Rekt Capital.
Previously, the same analyst had said Dogemoneta DOGE/USD despite broader market conditions.
The analyst traced Dogecoin’s rise to October 2023, with the memecoin rebounding from the $0.0574 support level. Momentum increased significantly last February when DOGE successfully broke out of the $0.09617 zone, bringing the market mood into bullish territory.
However, after a recent rise to $0.20626, as highlighted by Rekt Capital, Dogecoin has retreated 40% from that point, setting the stage for the current rebound observed by the analyst.
Read next: Here’s how much you should invest in Shiba Inu today for a $1 million payday if SHIB hits 1 cent?
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