$SHIB Jumps 36% Amid Strong Volume, Tests Key Resistance Level

Shiba Inu's $SHIB has experienced a significant surge in price, rising by 36% on a daily basis. This sudden increase has allowed the token to break above its short-term moving averages, with trading activity being strong. As a result of this upward trend, SHIB is now testing the 200-day MA.

The 200-day MA serves as a key resistance level for $SHIB, and a clean break above it could lead to further price increases. Specifically, this could send SHIB toward the range of 0.0000065 to 0.0000070. However, if the token gets rejected at this level, it may face a reversal in trend.

KuCoin notes that investments in digital assets can be high-risk and advises users to carefully evaluate their own financial circumstances before making any investment decisions.