Shiba Inu Adds Another Zero; Analyst Warns of Major Resistance
Shiba Inu, a prominent meme coin, has been grabbing headlines with its recent price fluctuations. SHIB has positioned itself as a serious contender, engaging in head-to-head competition with the well-known Dogecoin.
Despite its notable achievements, including a recent surge that led to the deletion of one zero from its price, SHIB has experienced a sudden reversal. The meme coin swiftly added another zero to its price, according to the latest data.
Shiba Inu faces major resistance
Renowned crypto trader Ali weighed in on Shiba Inu’s recent developments in a tweet. The tweet highlighted the coin’s impressive 55% surge in the last three months, even as it maintained a relatively subdued presence during the recent altcoin season.
While SHIB has shown resilience and potential for growth, it faces a formidable challenge in the form of a major resistance zone. The tweet points out that nearly 90,000 addresses currently hold a substantial 422 trillion SHIB at $0.000016. This concentration of holdings suggests a critical juncture for SHIB, where overcoming resistance becomes paramount for future upward momentum.
The recent deletion and addition of zeros underscore the inherent volatility in meme coins. The overall market has also faced a decline, with BTC dropping below $42,000.
