Shiba Inu (SHIB) ATH Rally: Here’s Key Resistance to Beat

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Written By Maya Cantina

Fri, 8/03/2024 – 16:25

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Shiba Inu (SHIB) has maintained an unusually positive resilience since it breached the $0.00003 price mark. To ultimately chart a rerun toward its all-time high (ATH), Shiba Inu is attempting to break a weak resistance ahead, as showcased by data from crypto analytics platform IntoTheBlock (ITB).

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The ITB data currently pegs the total number of Shiba Inu addresses in profit at 1.1 million. The data shows that the breakeven price for 18,360 addresses is set at $0.000035 to $0.000037, while the most important resistant point for the meme coin is set at $0.000057 to $0.000131, a range where 84,120 addresses acquired 29.72 trillion SHIB.

This important barrier might be easy to breach considering the bullish momentum that SHIB has picked up in the past few weeks, a rally that has seen the price jump to its 52-week high of $0.00004534 earlier in the week. 

Thus far this year, Shiba Inu now boasts of 238.94% growth, a feat that became pronounced when SHIB not only erased one zero but flipped the $0.00001 price level as its formidable support.

Shiba Inu growth catalysts

To achieve its core goal of breaching multi-year resistance levels, Shiba Inu will need to draw in both internal and external catalysts to cement its bullish push.

The Shiba Inu burn campaign is one of the weapons in its arsenal as it is helping to cushion its circulating supply. With the Shiba Inu demand now growing amid the ongoing meme coin revolution, the supply-demand balance is a positive one that might help drive the price of the asset. 

Shiba Inu is also trailing the broader hype in the digital currency ecosystem that is being fueled by Bitcoin spot Exchange Traded Fund (ETF) products. Shiba Inu’s short- and long-term targets are pegged at $0.00005 and $0.00007, respectively.

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