The crypto market rebound rally has lately gained steam, with the perpetual futures market seeing an even greater spike in open interest, indicating rising investor confidence.
Bitcoin led the crypto market surge, jumping from $88,000 to more than $94,000, but major cryptocurrencies such as Shiba Inu also saw significant gains. Shiba Inu (SHIB) gained more than 11% as alternative cryptocurrencies referred to as altcoins outperformed in the Bitcoin-led market rise.
Crypto derivatives were liquidated for $638.71 million in the last 24 hours, with bearish traders accounting for the vast majority. Shorts, or bets on lower prices, lost over $563 million amid a general unwinding of leveraged bets.
SHIB achieves crucial breakout
After three days of trading in a tight range since April 19, Shiba Inu’s consolidation resolved to the upside in Tuesday’s trading session, surpassing the daily SMA 50, currently at $0.00001252, which had capped its price action since December 2024.
Shiba Inu reached a high of $0.00001382 on Tuesday. The surge continued in Wednesday’s session, hitting intraday highs of $0.00001392.
At the time of writing, Shiba Inu was sustaining most of its daily gains, up 10.19% in the last 24 hours to $0.00001378. The recent move has also erased weekly losses, with SHIB up 19% in the previous seven days.
Massive 531 trillion SHIB breakout anticipated next
As Shiba Inu price returns into the green, market analysts are watching closely as 531 trillion SHIB tokens hover at a crucial resistance zone; a move above might unleash a massive price surge.
According to IntoTheBlock data, a massive 537.8 trillion SHIB is being held between $0.000014 and $0.000019 at an average price of $0.000016 by 145,160 addresses. If bulls break through this barrier, it could invalidate months of downward trading and reignite SHIB’s bullish momentum toward new highs with a target at $0.000022.
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