Shiba Inu’s chance for a rally to reach $0.00002 faces a challenge. To get there, the token has to overcome a significant barrier lying between its current price and the $0.000019 level.
Just like many other cryptocurrencies, the price of Shiba Inu has gone down a bit in the last 24 hours. Due to this, Shiba Inu now has one more zero after its decimal point.
Shiba Inu’s Price Journey and Community Optimism
Shiba Inu (SHIB) made headlines on January 11 when it successfully removed one zero from its price, propelled by a 12% surge in the weekly charts. However, this upward momentum was short-lived as Shiba Inu swiftly retreated back to the $0.000009 range.
It’s crucial to note that the broader crypto market faced significant losses, triggered by the recent volatility in Bitcoin. In the past day alone, the global crypto valuation witnessed a notable 3.7% decline.
Despite Shiba Inu’s recent price dip, the cryptocurrency’s enthusiasts remain optimistic. Many in the Shiba Inu community believe that SHIB has the potential to climb to $0.00002 in the near future, showcasing the resilience and positivity within the SHIB community.
SHIB’s Path to $0.00002: Overcoming Significant Resistance
The last time Shiba Inu (SHIB) traded around $0.00002 dates back to May 2022. Since then, SHIB has experienced a continuous downward trend, plunging by more than 50%.
Reaching $0.00002 is not a straightforward journey for Shiba Inu, as it confronts a substantial resistance that needs to be overcome. According to data from IntoTheBlock’s “In/Out of the Money Around Price,” a considerable obstacle lies ahead for SHIB.
The data reveals that 269,860 addresses currently hold over 514 trillion SHIB tokens, accounting for 87.36% of the circulating supply, positioned between the current price and the $0.000019 level.
This massive concentration of SHIB held by these investors forms a significant barrier to SHIB’s potential rally to $0.00002. The challenge arises because, as SHIB strives to ascend from its current price of $0.00000987, some investors in this category may feel compelled to sell, exerting considerable pressure on the price.
Successfully overcoming this resistance could propel SHIB into a major upward trajectory, as there is a lower concentration of SHIB at $0.000019 and beyond, presenting a more favorable scenario for potential growth.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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