Shiba Inu (SHIB) $0.00002 price outlook

Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has been a subject of significant speculation in recent days, particularly regarding its potential rally to the $0.00002 mark.

Following the positive sentiments in the crypto market, fueled by the approval of spot bitcoin ETFs in the United States, Shiba Inu holders predict an upward movement in the price of SHIB. 

However, the prospective surge of Shiba Inu to the $0.00002 threshold could be in jeopardy, as the memecoin needs to overcome the longstanding resistance at $0.000011.

The $0.000011 Resistance 

A close look at the SHIB/USDT chart shows repeated high selling pressure at the $0.000011 level. In the past 10 months, SHIB’s price has encountered four rejections at this level, making $0.000011 a focus point. 

Notably, the first rejection occurred on March 14, 2023, when the memecoin rose to $0.00001186 only to suffer a –7.82% decline to $0.00001082 the next day. 

The second was recorded on April 16, 2023, when the popular memecoin managed to reclaim $0.00001188. However, SHIB bears overpowered the bulls again, eventually pushing the canine-themed token to a low of $0.00000543 last June. 

Moreover, the third SHIB price rejection at the $0.000011 level happened on August 12, 2023. At that time, Shiba Inu surged to $0.00001136 only to drop -11.73% to $0.00000725 five days later. 

It bears noting that SHIB rallied 12% last week, hitting $0.00001195 on January 11, 2024. As reported by Nitadel, this rally came as addresses on the network reached a record high. However, it was a short-lived uptrend as the longstanding $0.000011 resistance held its ground. This saw SHIB’s price decline by over 11% on Thursday. 

Shiba Inu To $0.00002 Outlook

To reclaim the $0.00002 price territory, Shiba Inu bulls need to overcome the longstanding $0.000011 resistance, as reflected by IntoTheBlocks “In/Out of the Money Around Price” metric. 

As per information from a prominent blockchain analytics platform, 269,860 addresses collectively possess more than 514 trillion SHIB tokens, constituting 87.36% of the circulating supply, between its price of $0.00000987 and $0.000019.

Given that numerous Shiba Inu holders are in losses following the memecoin’s multi-year downtrend, there is a possibility of holders in the above-mentioned category selling whenever SHIB’s price shows slight momentum.

Thus, the massive concentration of Shiba Inu tokens by this set of investors poses a huge barrier to SHIB’s potential rally to $0.00002. On the whole, if bulls can take the price of Shiba Inu above the $0.000011 resistance then, $0.00002 could be achievable in the coming months. At press time, the cryptoasset is trading for $0.000009668 per token, down -2% in the past 24 hours and up 5% in the past seven days. 

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