Shiba Inu (SHIB) Breaks Key Resistance on Its Journey to ATH. Despite facing hurdles, Shiba Inu (SHIB) has displayed remarkable resilience following its surge past the $0.00003 milestone. In its quest to reclaim its all-time high (ATH), SHIB is now eyeing a pivotal resistance point, as indicated by insights from crypto analytics platform Into TheBlock (ITB).
ITB's data highlights that 1.1 million Shiba Inu addresses are currently in profit. Among these, approximately 18,360 addresses are poised for a breakeven at $0.000035 to $0.000037, while the most crucial resistance lies between $0.000057 to $0.000131. This range, where 84,120 addresses hold 29.72 trillion SHIB, serves as a significant hurdle for the meme coin's upward trajectory.
However, with the recent bullish momentum witnessed by SHIB, including its surge to a 52-week high of $0.00004534, breaching this resistance may prove feasible.
SHIB has seen impressive growth of 238.94% this year, achieving a noteworthy milestone by eliminating a zero and establishing $0.00001 as a robust support level.
Catalysts for SHIB's Growth. To surpass longstanding resistance levels, SHIB must leverage both internal and external catalysts to sustain its bullish momentum. The ongoing Shiba Inu burn campaign plays a crucial role in managing its circulating supply, aligning with the increasing demand amid the meme coin revolution.
Additionally, SHIB is benefiting from the broader hype surrounding digital currency, fueled by the emergence of Bitcoin spot Exchange Traded Fund (ETF) products. Short-term targets for SHIB are set at $0.00005, with long-term aspirations reaching $0.00007.
