Benzinga - The meme cryptocurrency Shiba Inu (CRYPTO: SHIB) is maintaining pivotal support levels — the same ones it had been rejected from in early 2022.
What Happened: According to the analysis by Rekt Capital, SHIB is now expected to rise by 155% to a value of $0.000069. At the time of reporting, SHIB was trading at approximately $0.000027.
"Back in early 2022, SHIB rejected from the very level that SHIB is holding as support today."
$SHIBBack in early 2022, SHIB rejected from the very level that SHIB is holding as support today#SHIB #ShibaInu #Crypto #BTC https://t.co/guQwZCg9bo pic.twitter.com/4zczyOsIdN
— Rekt Capital (@rektcapital) April 9, 2024
This news comes amidst a period where Shiba Inu has experienced an increase in daily transaction activities.
Shiba Inu’s marketing leader, Lucie, announced on X that an unspecified platform the introduction of notable improvements to Shiba Eternity, widely regarded among SHIB enthusiasts.
See More:Best Cryptocurrency Scanners
Data by Shibburn disclosed a notable burn transaction of 25 million SHIB in the last 24 hours. This burn was complemented by further burns 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 SHIB in a span of 24 hours spread across 12 transactions, signifying a 1344.1% surge in the burn rate.
Why It Matters: Meanwhile, the same analyst, Rekt Capital, said that Bitcoin (CRYPTO: BTC) can uphold its upward momentum provided it maintains the approximate $69,000 level as support on the weekly chart.
#BTC is rejecting strongly from the blue $71300 resistanceHowever, still holding the old All Time Highs as support (black)
Unless this old ATH Range Low gives way, Bitcoin is consolidating in between these two levels$BTC #Crypto #Bitcoin https://t.co/Nyc83Sqla4 pic.twitter.com/veaZMfJZmX
— Rekt Capital (@rektcapital) April 9, 2024
“BTC is facing a tough standoff at the blue $71,300 resistance. Yet, it currently supports the previous record highs (ATH) marked in black. As long as this former ATH base doesn’t collapse, Bitcoin seems to be consolidating between these two figures,” elucidated Rekt Capital.
Earlier, the same analyst said for Dogecoin (CRYPTO: DOGE) despite the broader market conditions.
The analyst traced Dogecoin’s climb back to October 2023, with the memecoin rebounding off the $0.0574 support level. Momentum significantly increased past February once DOGE successfully breezed past the $0.09617 zone, tipping the market mood into bullish territory.
However, after a recent ascension to $0.20626, as Rekt Capital outlined, Dogecoin retracted by 40% from that point, setting the stage for the current bounce back observed by the analyst.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.