Bitcoin News Today: SHIB Gains 2.4 vs BTC 3.0 vs ETH Amid Key Resistance Tests

SHIB is currently building momentum as it approaches a key resistance level near $0.00001450. Following a steady upward trend, the token has seen repeated support from levels at $0.00001367 and $0.00001352, which have acted as stabilizing forces amid increased buyer interest. Traders are closely watching whether SHIB can maintain its position above these support levels to continue the upward trajectory [1].

At the time of writing, SHIB is trading near $0.00001372, having seen a small decline of 0.7% during the day’s session. A successful breakout above $0.00001450 could set the stage for a potential price move toward $0.00001500, a target that has drawn attention from market participants. The current price structure suggests that immediate resistance lies near $0.00001415, with $0.00001450 as the next critical threshold. Sustained buying pressure at these levels will be essential for maintaining the bullish momentum [1].

SHIB has also shown relative strength compared to Bitcoin and Ethereum. Over the measurement period, it has gained 2.4% against BTC and 3.0% against ETH, indicating a favorable performance in cross-token comparisons. This relative value movement has been noted by traders, who are using it as an additional indicator of SHIB’s strength amid broader market fluctuations [1].

The ongoing price action reflects a balanced struggle between bullish and bearish forces. While SHIB has shown resilience near key support levels, the market remains cautious about the sustainability of the recent gains. If bearish pressure intensifies, the price could face a retest of the $0.00001367 and $0.00001352 levels. However, as long as SHIB remains above $0.00001367, the overall upward trend could remain intact [1].

Traders are also monitoring the proximity of SHIB to the $0.00001500 target, with increased attention being paid to whether selling pressure will persist over the coming days. A confirmation of a breakout above $0.00001450 could serve as a technical catalyst for further gains. Market participants are advised to keep a close eye on both support and resistance levels to gauge the next potential moves in the price structure [1].

Source: [1] SHIB Builds Momentum Near Key Resistance as Traders Eye $0.00001500 Target (https://cryptonewsland.com/shib-builds-momentum-near-key-resistance-as-traders-eye-0-00001500-target/)