Shiba Inu Breakout Analysis
Shiba Inu has been showing promising price action recently, hinting at a potential breakout above a key resistance line that has been in place since early March. A breakout could trigger a strong bullish rally, but failure to break through could lead to a reversal into bearish territory.
Resistance Levels to Overcome
While the outlook for SHIB is positive, there are several resistance levels that need to be overcome to sustain the upward momentum. On-chain data from IntoTheBlock (ITB) highlights multiple address walls that could challenge SHIB’s upward progress, particularly around the $0.000139 level.
Address Overload
- 62,700 addresses hold 69.97 trillion SHIB at an average price of $0.000025.
- 454,160 addresses hold SHIB between the current price and the ATH of $0.00008845.
Key Resistance Levels
- 98,230 addresses at $0.000028 holding 40.17 trillion SHIB tokens.
- 143,280 addresses at $0.000033 holding 21.3 trillion SHIB tokens.
- 57,180 addresses at $0.000040 with prices ranging from $0.000036 to $0.000044.
Potential Scenarios
- A breakthrough above $0.000040 could trigger short-term consolidation as traders take profits.
- It could also lead to increased accumulation, fueling a stronger bullish sentiment.
Short-Term Outlook
SHIB must hold its support at $0.000022 in the near term to sustain its bullish momentum and avoid a downward correction.
Hot Take: Potential Breakout Ahead
Shiba Inu is on the verge of a significant breakout, with the potential to breach key resistance levels and trigger a strong bullish rally. Traders should monitor the $0.000040 level closely as it represents a critical milestone for SHIB’s price action. A successful break above this level could pave the way for further gains and increased bullish sentiment in the crypto market.
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