Shiba Inu Climbs To Key Resistance After Breaking Out Of Consolidation Range: What You Should Know

Shibu Inu SHIB/USD, which has been consolidating since Thursday, has broken out of its recent trading range, thanks to a sharp rally on Sunday morning.

What Happened: Shiba Inu, which closed Saturday’s session at $0.00001319, moved out of the upper bound of a recent trading range of $0.00001306-$0.00001336 around 9:15 a.m. EST. The dog-themed meme crypto has been locked in the range since Thursday after recovering from a low of $0.00001272 hit in the same session.

Image: CoinMarketCap

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The breakout from the consolidation zone has proved healthy for Shiba Inu, and it launched into a strong rally. The meme coin, however, has hit a key near-term resistance around $0.0000139 and has given back some of the gains.

If it successfully challenges this level, a strong rally could be in the cards.

After rallying about 5.3%, SHIB has pulled back and traded up 2.94% at $0.00001369 at the time of publication, according to Benzinga Pro data.

Most recently, a Feb. 14 tweet by Elon Musk caused SHIB and other Shiba-Inu themed tokens to spike higher.

Now Read: How To Buy Shiba Inu (SHIB) On Robinhood