Shiba Inu (SHIB) Token Defies Recent Hack to Surge 3.66%, Market Experts Forecast 14.19% Jump by Next Week

Coinciding with the overall bullish trend in the crypto market, the Shiba Inu (SHIB) token has been a bright spot in the last 24 hours, gaining traction from investors.

The Shiba Inu (SHIB) token has seen a remarkable surge in value over the past 24 hours, rising 3.66% and trading at $0.00001778 at press time. This surge is even more impressive considering a recent hack of an Indian exchange, WazirX, that resulted in a total of $230 million in assets being stolen. Of the stolen assets, 5.43 trillion SHIB tokens were valued at $102 million.

Despite this event, SHIB has managed to maintain its upward trend, indicating the strength and resilience of the asset. The token's 24-hour trading volume, however, saw a decline of 54.52%, decreasing to $473.09 million and showing a slowdown in short-term trading activity.

Notably, SHIB's 24-hour price movement is closely watched by investors, who are eager to see the token continue its rally and reach new all-time highs. With a 14.19% surge possible from its current price of $0.000017, SHIB could potentially reach its next resistance level of $0.000020 by the end of next week.

If SHIB manages to break above this resistance, it could pave the way for a massive gain toward the $0.000026 zone, as predicted earlier by CryptonewsZ. Moreover, the 20-day Simple Moving Average (SMA) is bolstering this bullish momentum by trading below SHIB's price, acting as a strong support level.

Furthermore, the RSI index is displaying an uptrend channel, indicating an increasing buying spree in the market. Positioned at 49.34, the RSI signals ample space for further price appreciation, supporting SHIB's potential to cross the $0.000020 threshold.

On the other hand, if the bears regain control of the market, SHIB could seek $0.0000147 support, potentially leading to a temporary price correction.

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