With the Bitcoin price printing new highs, every day, memecoins also appear to be closely following the star token. Shiba Inu, Dogecoin, Pepe, Bonk, & Folki have been making huge rounds by recording massive gains in the past week. Hence, it appears that the memecoin mania that began may shake up the entire crypto space, compelling the other altcoins to explore higher targets in the coming days.
With the latest price action, the SHIB price reclaimed the levels above $0.00004 that it traded in the first few days of 2022. Presently, Shiba Inu is the top traded crypto after Bitcoin & Ethereum, excluding the stablecoins with a volume of over $12 billion. The SHIB price is currently testing one of the key resistance levels and if clears the levels, it may slash off a zero from its value and soar beyond $0.0001.
The SHIB price pierced through the descending parallel channel and secured a couple of immediate resistance levels, signalling the start of a bull run. The price hit the 0.5 FIB at $0.000046 and quickly faced bearish action. The weekly RSI has reached the upper limit for the first time since it marked the ATH. It may raise some concerns about an interim pullback but the supertrend is bullish, which suggests the token may maintain a bullish trend for a longer time and reach the target at $0.0001 at 1 FIB level.
With the exceptional move of the Shiba Inu price, the Shiba ecosystem is also on fire. LEASE & BONE prices have also soared by over 100% & 40%, respectively. Therefore, it can be said that the memecoin mania ignited by the PEPE price earlier has been fueled by the SHIB price rally. Further, with the revival of bullish breakouts by Dogecoin (DOGE), Bonk (BONK), and other tokens, a strong altseason may be ignited.