Shiba Inu Price Could Surge to $0.00002 If It Breaks This Major Resistance

Shiba Inu’s potential rally to the $0.00002 mark could be in jeopardy, as the token needs to overcome a major barrier between its current price and the $0.000019 level.

Like most crypto assets, Shiba Inu’s price has slightly declined over the past 24 hours. As a result, Shiba Inu added another zero after its decimal.

Shiba Inu Price Outlook

Recall that SHIB eliminated one zero from its price on Thursday, January 11, after the canine-themed token surged 12% on the weekly charts.

However, the rally was short-lived as Shiba Inu plunged back to the $0.000009 territory. It bears mentioning that Bitcoin’s recent volatility put the broader crypto market into huge losses, with the global crypto valuation plunging by 3.7% in the past day.

Despite Shiba Inu’s recent price dip, enthusiasts of the cryptocurrency are still bullish on SHIB. Many Shiba Inu community members speculate that SHIB could ascend to $0.00002 soon.

Road to $0.00002

The last time SHIB traded around $0.00002 was in May 2022. Since then, SHIB has been on a downward trajectory, plunging over 50% ever since.

Shiba Inu’s road to $0.00002 is not an easy one, as the cryptocurrency needs to break through a significant resistance to achieve this feat. IntoTheBlock’s “In/Out of the Money Around Price” shows the type of hurdle SHIB needs to overcome before hitting the $0.00002 mark.

According to the data, 269,860 addresses hold over 514 trillion SHIB tokens, representing 87.36% of the circulating supply, between the current price and the $0.000019 level.

The massive amount of SHIB held by these investors pose a major barrier to SHIB’s potential rally to $0.00002. This is because as SHIB ascends from its current price of $0.00000987, some investors in the abovementioned category could be forced to sell, thus mounting heavy pressure on the price.

Overcoming this resistance would put SHIB on a major upward trajectory, as there is a lower concentration of SHIB at $0.000019 and beyond.