Shiba Inu (SHIB) has continued its upward momentum, showing resilience in a challenging week for many altcoins. Despite the market fluctuations caused by significant changes on Binance, Shiba Inu managed to weather the storm. So, what price levels can Shiba Inu reach?
Recent developments on Binance, including the departure of founder and CEO Changpeng Zhao and the appointment of Richard Teng, have had a profound impact on the crypto market. CZ’s guilty plea to violating anti-money laundering rules in the United States resulted in a $4.3 billion settlement with the Department of Justice (DoJ).
CZ’s guilty plea led to his mandatory resignation and removal from executive roles within the company. This unexpected development has affected tokens like Shiba Inu, causing a 6.2% drop in just one week.
This market fluctuation caused a 10% decrease in Shiba Inu’s trading volume within 24 hours, reducing it to $103 million. However, Shiba Inu’s market value increased by 1.22%, reaching $4.8 billion and maintaining its position as the 19th largest cryptocurrency.
Shiba Inu has responded to the support provided by the 200-day Exponential Moving Average (EMA) indicator and has held the critical support level at $0.000008. Trading at $0.0000082, SHIB is preparing for a potential breakout from a descending wedge formation, indicating a potential climb to $0.0000097 with a 17% increase.