Gushiken Yona
Shiba Inu (SHIB) teeters on the brink, pressing hard against a critical resistance wall that a crypto analyst believes holds the key to a massive breakout for the Shiba Inu price. This potential move targets a 67% explosion upwards to $0.00002. The battle lines are drawn at this key resistance, and a confirmed breakout could ignite the next significant rally for the popular dog-themed altcoin.
Shiba Inu Price Poised at Key Juncture
A technical analysis recently published by crypto commentator CryptoWizard101 has focused attention on a specific juncture for the Shiba Inu price. In their assessment, which utilized the accompanying daily chart (see provided image), the analyst identified SHIB positioned near a significant resistance level. This price zone is technically important as it represents an area where previous attempts at upward movement faced considerable selling pressure.
CryptoWizard101 highlighted the potential implications of this setup, stating, “SHIB is currently hovering near a critical resistance level, indicating the possibility of a bullish breakout.” Based on this observation within their analysis, the suggestion is that a decisive move above this specific barrier could potentially trigger a strong buying response.
Should the breakout scenario outlined by the analyst materialize, CryptoWizard101 projects an initial target for the Shiba Inu price at $0.000015. If bullish momentum were to sustain following such a break, the analysis points towards a more ambitious secondary target of $0.00002.
This represents the substantial 67% potential gain from the price point noted in the analysis (around $0.00001197). The provided chart illustrates the technical basis for these targets, showing less historical resistance between the identified breakout point and these higher levels.
It is crucial to remember that this analysis reflects CryptoWizard101’s interpretation of the chart at the time of publication. Market participants often await confirmation signals – such as a daily candle closing firmly above the resistance level accompanied by strong trading volume – before validating a breakout. The Shiba Inu price remains subject to market volatility and broader economic factors beyond this specific technical viewpoint.
SHIB Price Action
At approximately 8:53 a.m. ET on Friday, Shiba Inu’s market snapshot provided crucial context for CryptoWizard101’s analysis. Trading at $0.00001201, the Shiba Inu price hovered remarkably close to the levels identified in the analyst’s potential breakout scenario, reinforcing its immediate relevance.
The 24-hour trading volume stood at a notable $194.48 million, indicating significant ongoing market activity and trader interest surrounding the token as it interacts with this key technical zone. Data sourced from CoinMarketCap further contextualizes SHIB’s position: its substantial market capitalization of roughly $7.08 billion, derived from the vast circulating supply of approximately 589.25 trillion SHIB tokens, underscores its established presence in the cryptocurrency landscape.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
