Gushiken Yona
Shiba Inu price inches closer to a potential breakout, with bulls pounding against a key resistance wall that’s held firm for weeks. The dog-themed altcoin tightens its coil — and the next move could be explosive.
Shiba Inu Price Battles Resistance Near $0.000012
The critical battleground for SHIB bulls is forming around the 0.00001195−0.00001200 zone. This price ceiling has acted as a significant barrier, repeatedly halting upward advances in recent trading sessions.
Technical analysts often view such persistent resistance levels as crucial tests of market strength; a decisive breach can signal a shift in control from sellers to buyers, potentially unleashing pent-up demand.
Adding weight to the bullish case, crypto trader BitGuru recently signaled optimism, declaring SHIB “Ready to Break Out!” His analysis pointed to “strong bullish candles” forming as the price pushes against this key resistance.
These candle patterns often indicate determined buying pressure during specific trading periods. The focal point of BitGuru’s assessment is the immediate $0.00001188 level.
He suggested that if buyers can successfully defend this level, turning it into support, it could pave the way for a swift rally. “If 0.00001188 holds,” BitGuru forecasted, “price could launch toward 0.00001204 in no time.”
The chart shared alongside this analysis vividly illustrates the tension. It displays the recent SHIB/USDT price action via candlesticks, clearly showing the price bumping against the upper horizontal resistance line.
BitGuru’s proposed trade setup is overlaid: an entry range between $0.00001184 and $0.00001188, a take-profit target at $0.00001204 (the green zone), and a stop-loss at $0.00001173 (the red zone). This visual effectively maps out the potential reward versus the risk based on his breakout thesis. The trader’s confidence is summed up in his assertion: “Momentum building — breakout likely incoming!”
Market Sentiment Supports Bullish Momentum
Beyond the technical charts, broader market data provides additional context. As of 3:26 p.m. ET on Thursday, SHIB was trading near $0.00001189, reflecting a respectable 2.30% gain over the previous 24 hours, according to data from CoinMarketCap.
This positive daily performance aligns with the observed push against resistance. The token maintains a hefty market capitalization of approximately $7.01 billion, firmly positioning it within the top tier of altcoins.
Trading activity also appears healthy, with over $131 million worth of SHIB changing hands in the last 24 hours, indicating sufficient liquidity for traders. Perhaps most tellingly, community sentiment heavily favors the bulls. CoinMarketCap’s polling, drawing from nearly a million votes, reveals that a striking 88% of participants hold a bullish outlook for Shiba Inu, compared to just 12% feeling bearish.
While not a foolproof indicator, such strong positive sentiment can sometimes fuel buying pressure, especially within meme coin communities known for their passionate engagement.
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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.
