- SHIB’s price could surge as it breaks resistance and enters a bullish trend.
- Key price zones between $0.000013 and $0.00002 could drive SHIB’s next move.
- SHIB’s exchange supply drop signals increased long-term confidence among holders.
Despite the recent chaos in the crypto market, the dog-themed memecoin, Shiba Inu (SHIB), has remained steady. In the face of a broader market plummet, SHIB held its head up, now exchanging hands at a value of $0.00001253. It remains the 18th largest crypto and is still showing resilience.
Although the token has been falling, its ability to keep support at key levels is notable, even in a declining market. Its strength speaks volumes for what’s to come. Now, analysts are looking at one major factor: SHIB’s resistance level.
The Resistance Breakdown, the Next Big Move for SHIB
SHIB may be inching closer to a breakthrough. Such insights from market analyst ShibSpain predict the cryptocurrency could see a heightened surge if it accumulates above its current resistance at $0.00001250. According to the analyst, breaking this level could set off a powerful rally, with the memecoin reaching new highs.
‘Once SHIB breaks above this resistance, it will absolutely fly,’ the analyst said. As the chart shows, Shiba Inu is testing this resistance. While it hasn’t sustained a decisive breakout yet, a four-hour candlestick close above it could send the memecoin prices rocketing higher.
Besides, ShibSpain thinks now is the time for anyone still on the fence to start accumulating SHIB, as it’s still within the resistance. The analyst’s prediction is supported by historical patterns that show the SHIB cryptocurrency has moved into strong upward trends after breaks similar to this one.
Key Price Zones to Watch: The Path to $0.00002
The road ahead for SHIB to $0.00002 is clear but fraught with the risk of passing through two crucial price clusters. The first is between $0.000013 and $0.000014, with 28.41 trillion SHIB tokens held by 38.37K addresses. Bulls will likely test their strength in this range. If SHIB breaks through this point, the first hurdle will be removed.
The second and more difficult level is between $0.000014 and $0.000019, where 548.5 trillion SHIB tokens are distributed to 169.1K addresses. Busting through this resistance could be a strong indicator that the market is ready to push the dog-themed memecoin forward toward $0.00002. These on-chain levels are key; how SHIB trades them will decide if it can extend higher.
Supply Drops Could Fuel a Price Surge
On the other hand, SHIB is undergoing a critical shift in its market behavior: Per CryptoQuant’s on-chain data, SHIB’s supply on exchanges has hit an all-time low. This means that fewer SHIB tokens are being sold, which reduces the selling pressure that often pulls prices downward.
The decreasing supply of SHIB on exchanges may indicate that holders are not rushing to sell. This could be a signal that they’re waiting for the right moment, which means that they have long-term faith in the value of SHIB.
In the latter case, fewer tokens remain listed on exchanges, increasing the chances of a price hike. If market sentiment turns positive, this scarcity and a potential breakout above resistance will set up a bullish move. As a result, SHIB holders show no signs of selling, as they keep holding onto their positions despite rough markets, indicating growing confidence in the coin’s future.
